The Department of Information and Communications Technology has partnered with the United States-based firm Monsoon to begin using blockchain technology.
The DICT will reportedly be employing the technology to improve the ease of doing business in the Philippines as well as to combat cybercrimes and strengthen cybersecurity.
DICT Acting Secretary Eliseo Rio, Jr. on Wednesday signed a Memorandum of Agreement (MOA) with Monsoon Chief Executive Officer Donald Basile for a collaboration that would allow the Philippine government to use the technology developed by the firm to further the national ICT development agenda.
“This partnership will directly benefit our continuous effort to address the country’s issues on ease of doing business and cybersecurity,” Rio said.
Simply put, blockchain technology refers to a set of digital records or ledgers of transactions that are processed through a network of computers. This system is hypothetically hyper-safe, allowing for little alteration or tampering thanks to system redundancies.
Various sectors are employing the technology, including banking, healthcare, and transportation. However, less legitimate operations are also taking advantage of the anonymous system, exploiting it to facilitate illegal transactions.
The MOA will allow Monsoon to provide complimentary
courtesy consultation, advice, cost-benefit, and socio-economic analysis on the use of blockchain technology in the Philippines.
The DICt, in return, will assist the company to disseminate information on blockchain potential in the Philippines.