The Philippines Is Exploring The Use Of Blockchain To Play A Role In Various Fields

The Philippines wants to take advantage of blockchain technology in various fields. (photo: doc. pixabay)

JAKARTA - The Philippine government has begun exploring blockchain technology use cases, launching a training program for researchers in the government's Department of Science and Technology (DOST).

Enrico Paringit, a DOST official, said that the aim of the training was to see how blockchain could play a role in areas such as healthcare, financial support, and emergency relief.

Paringit also noted that the department is also looking at how blockchain can be used in passport and visa issuance, trademark registration, and government records.

While cryptos are the leading application for blockchain, DOST officials highlighted that the department's intention is to "build non-crypto currency applications." Paringit said that the goal is to produce blockchain development specialists who can support governments in various technology applications.

The program receives funding that can cover the costs of training information technology specialists and researchers. However, Paringit highlights that the lack of local blockchain experts has put the department in trouble.

Fortunato dela Peña, the country's secretary of science and technology is also considering and saying blockchain is an "important new technology" that the country needs to develop.

In April, PayMaya, a digital payments provider based in the Philippines, launched an in-app cryptocurrency trading feature. The app, often used by Filipinos for online shopping or transferring money locally, has listed Bitcoin (BTC), Ether (ETH), and other leading cryptocurrencies for trading with the Philippine peso.

Cointelegraph reported, In the same month, the company behind PayMaya, Voyager Innovations, surpassed its $1 billion valuation after receiving funding to develop the recently added crypto offering of its digital payments app. The company recognizes that there is an opportunity to serve local residents in the Philippines when it comes to digital finance.