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Singapore-based technological company BCB Blockchain has signed a memorandum of agreement (MoA) with the Philippines in a bid to support blockchain startups in the country. The partnership was forged during the 3rd National Technology Business Incubator Summit (TBI Summit), with the Philippine Council for Industry, Energy, and Emerging Technology Research and Development (PCIEETRD) signing on the country’s behalf.
To be precise, the collaboration aims to build smart cities using blockchain technology and the initial phase is to provide training on individuals interested in joining the field. BCB has partnered with several universities to identify and nurture talent that could benefit the crypto and blockchain industry in the long run, offering $300,000 worth of funding to launch these initiatives.
Areas of focus include “co-incubation of projects, research and development, seminars and trainings, promotional activities, competitions, hackathons, and collaborative endeavors for smart city or blockchain development.” The universities that have been tapped are Technological Institute of the Philippines, La Salle University Manila, Adamson University, Mindanao State University, and a few more prestigious schools scattered across the country.
Blockchain still alien to most Filipinos
Despite blockchain technology penetrating several countries and industries already, the innovation is fairly unknown in the Philippines. Senator Grace Poe admitted as such and said that this very fact opens up the Filipinos to scams that have proliferated in the crypto space, Cointelegraph reported.
By forging this partnership, the Philippines is ensuring that blockchain technology becomes a household name, while simultaneously creating professionals that could be beneficial for the country’s development.
Blockchain can revolutionize the Philippines
One of the things that blockchain could provide for the Philippines is to establish a highly-secured immutable ledger for its voting system. There have been numerous voting scandals in the country for years and blockchain could single-handedly put an end to it thanks to its decentralized nature.
BCB is confident that this collaboration will flourish. Chief Executive Officer of BCB Blockchain Douglas Gan said that they’ll be using their expertise to help the Philippines move forward with this project and provide incentives for groups who will dominate the competitions that are slated to take place next year. The prize money is up to $15,000 for whoever wins the hackathons and Bug Bounty programs that they’ll be setting up.
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