Like many other countries in the world, the Philippines wants to use blockchain in order to develop specific sectors. Thus, recently, a training program for researchers of the government’s Department of Science and Technology (DOST) was created. The special feature is that the project is based on blockchain technology.
The objectives of the ministry
How can blockchain play a role in specific areas such as healthcare, financial support and emergency aid? This question is the backbone of the new project being implemented by the Philippine government. Enrico Paringit, a DOST official, revealed that the department plans to look into blockchain use cases in these areas.
Furthermore, also according to the official, the department wants to analyze how blockchain can be used in passport and visa issuance, trademark registration and government records.
Certainly, cryptocurrencies are the main projects of blockchain. In fact, when we talk about blockchain, we instinctively refer to cryptocurrencies. However, according to the DOST official, the department wants to go even further. It wants to “build applications other than cryptocurrency.” It also wants to train blockchain development specialists who could support the government in various applications of the technology.
Filipinos are already using blockchain
For the country, “blockchain is an important emerging technology,” noted Fortunato de la Peña, Philippine Secretary of Science and Technology. For this reason, authorities are starting to take a much greater interest in it than in the past.
Last April, PayMaya, a Philippines-based digital payment service provider, launched a cryptocurrency trading feature in its app. As of this date, the app is often used by Filipinos for the purpose of conducting online transactions or online money transfers using bitcoin (BTC), ether (ETH) or other digital assets.
Another project has also attracted attention recently in the country. It is that of Voyager Innovations. The company surpassed a $1 billion valuation after receiving funding to develop PayMaya’s recently added cryptocurrency offerings. The company said there are opportunities to serve the Filipino population in digital finance.
In the Philippines, things are changing. More open to cryptocurrencies, the authorities have announced that they are ready to develop several projects in the blockchain sector. The Department of Science and Technology has indicated that it will continue to provide efforts for the development of new solutions regarding the use of blockchain.
