BSV Blockchain to modernise the Philippines
The Government of The Philippines is actively seeking to modernise the nation’s administration using BSV Blockchain with the assistance of nChain group.
President Ferdinand “BBM” Marcos Jr. announced in his state of the nation address in 2022, that his administration intends to digitise using the BSV Blockchain to secure, store and transfer data in a safe, timely and efficient manner.
In addition to this nChain group will also lend its wealth of knowledge to the Ateneo De Manila University to train and educate its faculty on the functions and services that can be garnered from the blockchain.
The first blockchain meeting in October of 2022 was held in Bataan, a region that will be the first to transition onto the blockchain. The event was attended by nChain group, are an IT firm specialising in software development, IP licensing and provide a wide range of consultancy services related to the blockchain.
BSV Blockchain and nChain group
Delivering their services with a distinct form of Bitcoin known as BSV Blockchain. A hard split from the Bitcoin that is most well known today, seeking to return the network to the philosophy and the reflected specifications intended when Bitcoin was born.
Beginning in Bataan, nChain has signed a memorandum of understanding with the regional government which, coupled with the former’s status as an economic freeport, will lead to the area becoming a central hub for the cryptocurrency industry.
Points to ponder
Although the details and results of discussions between nChain executive director, Stefan Mathews and the Department of Information and Communication Technology (DICT), have not been disclosed, it has been confirmed certain topics of importance have been raised in the preliminary and early stages of the transition.
Issues such as sovereignty of government data, especially due to the decentralised nature of the blockchain, which also raises concerns about privacy and security. Nevertheless both parties seem optimistically unperturbed.
This relationship between the two entities must not be underestimated in terms of value generated. This symbiotic relationship will see an influx of labour in the form of University interns and create an ecosystem generating potential employees who have legitimate qualifications.
The possibilities don’t even cease there, with other corporate objectives possible in Bataan, such as their Black Dojo concept that will bring startups to investors and produce more jobs and create the systems necessary for all new accessible services.
This will also help nChain to achieve its goal to “foster Filipino innovation in the building of solutions on the blockchain that will be deployed domestically.”
A seemingly serendipitous start to transitioning and thriving the rapidly changing digital world. Using this project as a vehicle, the Philippines are making great headway with their ambitious goals, regardless of the outcome, steps such as these will be a force towards progress.
AIBC Asia
AIBC Asia is coming to the rapidly digitising shores of The Philippines this July. At this landmark summit, learn of all the latest and greatest innovations forthrightly from the mouths of industry leaders and seminal figures. Not to mention the premium networking opportunities that the SiGMA Group will be ushering in when east meets west at what promises to be a phenome of an event. Being held in the vibrantly cosmopolitan metropolis that is Manila.
