GLOBAL blockchain company nChain is working with Bataan to digitize their local government processes and become a blockchain hub in Asia, the company’s Chairman and Co-Founder Stefan Matthews said.
This is in line with the memorandum of understanding (MoU) signed by Mr. Matthews and Bataan Governor Jose Enriquez “Joet” S. Garcia III to implement a blockchain framework for their provincial government services.
“Part of this is facilitating workshops and trainings to the leaders of Bataan in understanding the various use cases of blockchain,” Mr. Matthews said in his keynote presentation in the BusinessWorld Economic Forum last week.
The special economic zone status of the Freeport Area of Bataan makes the province an attractive location for companies to harness the potential of blockchain, he noted.
The Authority of the Freeport Area of Bataan (AFAB) has formulated the Offshore Blockchain and Financial Technology Solutions Policy to promote and regulate the activities.
“With AFAB at the forefront of cultivating a thriving blockchain culture within the Freeport Area of Bataan, the Philippines is poised to harness the full potential of this transformative technology,” Blockchain Association of the Philippines founding president Donald Lim said.
“This emphasis on an enabling environment and ease of doing business is crucial in fostering innovation and entrepreneurship, key drivers of blockchain technology adoption,” he added.
Mr. Matthews said blockchain can transform the country’s systems of auditing and tracking, micropayments, agriculture, disaster management, central bank digital currency, and automation.
Blockchain can also boost the use of emerging technologies in the country such as artificial intelligence, the Internet of Things, and the Internet Protocol version 6, he said.
nChain is looking to help improve processes in government agencies, universities, and enterprises through digital transformation by building a nation of blockchain professionals, Mr. Matthews said.
The company has also signed an MoU with the Ateneo de Manila University to help promote blockchain research and education.
“Our mission [is to] power the peer-to-peer economy today and in the future,” Mr. Matthews said.
“Through technology, we can make a more transparent and impactful society,” he added. — M.H.L. Antivola