PH eyed to become world’s ‘blockchain capital’
The newly formed Blockchain Council of the Philippines believes that the country has the potential to become the “blockchain capital” of the world due to its young population.
According to Donald Lim, lead convenor of the upcoming Philippine Blockchain Week, the country has the right tools and assets to lead in this new sphere, especially as it was hailed as the BPO, text, and social media capital of the world.
Lim added that the government’s openness to new technology and the Filipinos’ ability to adapt to changes quickly are also boosting the blockchain industry in the country.
Blockchain is a digital database or decentralized ledger of transactions across users. It is commonly used in the financial world through cryptocurrencies but is also gradually used in other industries, private corporations, and the government.
Lim stressed blockchain’s main strength is that the system is safe and secure.
Meanwhile, nChain Country Director and Philippine ambassador for the Bitcoin Association Nicholas King said, “The Philippines is the biggest in the world with cellphones and adoption of social media. And because the younger people embrace this technology, I see the adoption of Web3 and blockchain is phenomenal here.”
The council is looking to hold the Philippine Blockchain Week at the end of the month to educate more Filipinos on blockchain and Web 3.
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