Out of the many emerging technologies, blockchain is unwavering in its advancement toward global adoption. This is because, on top of being a technology that can improve existing systems and resolve age-old problems when it comes to digital infrastructures, it can be used as a foundation that will make all other emerging technologies run more efficiently and be released for mass consumption in less time than expected.
One of the greatest hurdles to the global adoption of blockchain is awareness and education. Top executives and business owners do not fully understand what blockchain is and the benefits it can provide. Most of the time, they see that shifting from one digital infrastructure to a more modern one is costly and would put a dent in their budget.
They do not recognize the truth that, in the long run, blockchain will not only allow them to save money, but maximize profits. The Philippines, a developing nation in Southeast Asia, is one of the places where everything is not yet fully digital and where companies are usually on a tight budget.
Filipinos, who are known for their creativity, ingenuity, and adaptability, will be able to utilize and innovate blockchain well. And if adopted, blockchain will surely help businesses and startups in the country expand markets and develop platforms that can push them into having more substantial participation in the global digital economy.
Bitcoin SV (BSV) has recognized the potential blockchain will have in the Philippines, which is why Manila hosted its first-ever BSV Blockchain Meetup over cocktails last August 16 at the Manila House Private Members Club. Attended by budding entrepreneurs and representatives of some of the most successful companies in the Philippines, the event successfully created awareness about blockchain technology and planted the seeds of innovation in their minds.
“What we really wanted to learn is, number one, how blockchain can play a role in the total FinTech category here in the Philippines, as well as maybe how in the future, GCash can help participate and promote this, and give more people access to blockchain technology. And I think I’m happy to say that with this event, we actually got that,” Lorenzo Canaria, Head of Growth Marketing for E-commerce, Big Campaigns and Innovation for popular mobile wallet app GCash, said.
“For any revolution to happen, we need like-minded people to gather together. So, being together in one room and trying to push the agenda forward. I think tonight is very important because we are seeing who are the like-minded people, and we will be seeing more of each other in the coming days and weeks and months,” DITO CME Holdings CEO Donald Lim commented.
GCash is a product of Globe, while DITO CME Holdings owns 54% of DITO Telecommunity—two of the four major mobile networks in the Philippines. GCash has over 60 million users, and DITO has already reached 10 million subscribers since its launch in March 2021. Cathy Casas, FVP-Blockchain and API Business Group Head of the UnionBank of the Philippines, one of the top 10 banks and the very first to use online banking in the country, was also in attendance.
The presence of Globe, DITO, and UnionBank shows how receptive the local business community and government are to the BSV Blockchain and what it can offer as the largest public blockchain that has the ability to scale unbounded.
This means that the BSV Blockchain has the capacity to constantly scale to be able to efficiently handle the growing amount of data and an increasing number of transactions being used and generated by the world daily. And because of its big data blocks and extremely high throughput, it can reduce the cost of each transaction to very small fractions of a cent, making it an effective and practical solution to many digital problems.
“With blockchain being an immutable ledger where transparency is key, in a world where we don’t really own our data, I feel like blockchain can really revolutionize that by giving ownership back to us,” Carlos Albornoz, project development officer at the Department of Information and Communications Technology (DITC), shared.
To educate the guests despite the informal setting, Stefan Matthews, Executive Chairman at blockchain research and development firm nChain and Executive Chairman of the Board and former CEO of enterprise blockchain provider TAAL Distributed Information Technologies Inc. (CSE: TAAL), spoke briefly about how significant blockchain is with cutting-edge technology.
“I realize that there is an inevitable merging between blockchain and AI applications because they have something in common. The thing they have in common is data. Blockchains exist to give immutable access to data. AI needs as its absolute foundation, data—for [endless] data to use, the applications and the power of AI to interrogate their data, and to get outputs from that data,” Matthews explained.
Although AI is still something to look forward to in the future, blockchain is ready for enterprise adoption now. For instance, GCash remains vigilant against scammers, working with the government to block 900,000 fraudulent accounts in the first quarter of this year alone.
If GCash is to adopt blockchain, it will provide an immutable and auditable record, making it easier to detect these fraudulent accounts, as well as track fraudulent transactions, and ultimately apprehend and penalize the perpetrators. Whether in the finance, telecommunications, or government sectors, blockchain provides the utmost utility that cannot be denied.