Blockchain, with all its potentials, is still some years before it can be fully used across industries, though there are already use cases across the world, including in the Philippines.
There is also a dearth of talent in the country to be able to harness its full potentials moving forward.
Fortunately, a newly-minted group, the Blockchain Association of the Philippines (BAP) is willing and ready to spend for education and training on the technology.
The BAP, chaired by Justo A. Ortiz, chairman and CEO of Unionbank of the Philippines (Unionbank), therefore, has taken off to serve “the greater public good.”
Its organizers officially launched the BAP during the recent Blockchain Applications and Economics Forum 2018 in Bonifacio Global City, Taguig City.
The BAP wants to introduce the technology, now emerging as one of the digital era’s most pervasive innovations that — potentially — can impact and affect, as it is now emerging, every facet of human being’s life in the political, economic, and social spheres.
Fortunately, funding is not a problem for the BAP, as Arvie de Vera, head of Fintech and Partnerships, Unionbank, revealed in an interview.
“We will gonna talk about the fund; we will have a holistic program and, definitely, our partners are willing to put in the support to able to educate and sustain this. It is not a one-time thing, this is for the long haul and the key partners know this is a long journey,” he said.
“I think that’s honestly the easy part. It is more the strategies, the roadmap, it is more who we are going to engage, that’s the more difficult.”
De Vera revealed further that BAP will increase its membership as he invited large corporates, micro, small and medium enterprises (MSMEs0, entrepreneurs, startups who are into learning about blockchain, who want to see how they can apply blockchain in their business.
He also sounded off invitations to big companies, developers, and those already with blockchain businesses, the exchanges and all those organizations who already have some implementations in blockchain. “We need them also.”
De Vera said schools are also important for introducing the technology on a wider scale, adding upcoming projects will revolve around education because it is very important to develop lots of blockchain talent.
In working the greater public good, the BAP plans to do this by engaging the community at large through its thrust which is “blockchain for the greater public good.”
BAP, reputedly one of the Philippines’ first blockchain associations, wants to tap as well “the best practices of blockchain in the Philippines and export it to the rest of the world.
Another way is to encourage experimentation, collaboration, and co-creation among various stakeholders while seeking to provide a safe space as a path to pioneer the technology in various industries.
To implement and help realize these goals, the BAP’s center of excellence offers to train and produce some of the world’s top blockchain talent.
The BAP seeks to make blockchain an inclusive technology to all Filipinos through “collaboration with the government and other associations to build a blockchain-enabled Philippines.”
BAP’s founding members are Unionbank, Australian Digital Commerce Association (ADCA), Coins.ph, Consensys, and Satoshi Citadel Industries.
Some of the use cases of blockchain include Smart Contracts; Load registry and property deeds; Intellectual Rights; Public services records/medical records; Distributed Autonomous Organizations (DAO); Supply chain tranparency; Document authorization; and Chain of custody.