The Philippines is steadily positioning itself as a global leader in blockchain adoption, with both businesses and government bodies recognising the transformative potential of the technology. This is according to Stephanie Tower (Business Development Lead for nChain Philippines) who was speaking during the recent Philippine Blockchain week in Manila.
One of the key factors contributing to this emergence is the nation’s proactive stance toward embracing blockchain technology. The Philippine government had recognised the potential of blockchain to drive innovation across various sectors, including finance, supply chain management, and governance.
Initiatives such as the establishment of the ‘Crypto Valley of Asia’ in the Cagayan Economic Zone Authority (CEZA) and the issuance of clear regulatory guidelines by the Bangko Sentral ng Pilipinas (BSP) have demonstrated the government’s commitment to creating a conducive environment for blockchain-based businesses to thrive.
‘Last year, the Philippine President mandated a push for the digitalisation of the country and the economy. This includes digitising government services and records, which will be backed up by the pending e-Governance Act,’ Tower said. She added that this forms part of a more general push to a web3 economy which will effectively eradicate middlemen and make it much more efficient and transparent to transact with one another.
Becoming a global leader in emerging tech
Part of the Philippines’ push to become a global leader in emerging technologies such as blockchain has been its focus on fostering a robust ecosystem for blockchain development and education. Universities and educational institutions were offering specialised courses and workshops on blockchain technology, nurturing a skilled workforce capable of designing and implementing blockchain solutions.
This commitment to education and skills development was essential in ensuring the sustainability of blockchain adoption in the Philippines. With a forward-looking government, supportive regulatory framework, and a growing pool of blockchain talent, the Philippines had the potential to become a global leader in harnessing the transformative power of blockchain technology across industries.
‘As this technology becomes more widespread, we can expect more governmental frameworks to be developed, which will subsequently lead to new business models and jobs’, Tower said.
‘Because we are upskilling our people, there will be a lot of inclusion – and not just within the financial side (of things). This is only possible through web3 and is something that any government can enable and make positive changes through the country.’
The BSV blockchain is the perfect fit
Global adoption of blockchain technology requires enterprises and lawmakers to become comfortable with blockchain technology. To ensure the development of a regulatory environment that both fosters lawful conduct and facilitates innovation, the BSV Blockchain Association regularly engages with leading policymakers to raise awareness of legislative issues and advise on the development of positive policy.
With its massive scalability and public nature, the BSV blockchain is the ideal blockchain for government applications which benefit citizens. With its massive scaling, micropayments, greater data capacity and reliably low fees, the BSV blockchain is the best option for enterprise-grade applications and services.
