Phl businesses told: Embrace blockchain, metaverse

As most technology think tanks deemed metaverse to be the future's next big thing, an industry stakeholder said the Philippines should not be left lagging, especially businesses operating in the country.

"As the Philippines has a lot of Roblox players, we see potential in terms of adaptation. The world is indeed getting there. That's why businesses here should invest in this technology. We have a lot of talented programmers… name it. But what Philippine companies should do is invest in these breakthroughs," said Donald Lim, the lead convener of the recently concluded Philippine Blockchain Week, which featured thought leaders and innovators in blockchain, crypto, Web3, non-fungible tokens or NFTs, and gaming from around the world.

The metaverse is a vision of what many in the computer industry believe is the next iteration of the Internet: A single, shared, immersive, persistent, 3D virtual space where humans experience life in ways they could not exist in the physical world.

While blockchain is a system of recording information in a way that makes it difficult or impossible to change, hack, or cheat the system. It's essentially a digital ledger of transactions duplicated and distributed across the entire network of computer systems on the blockchain.

Government support

He said his group has already received support from the government, especially the Department of Trade and Industry, on how they can help to do more businesses fully engrossed with technology.

"We have received a pitch from the DTI, saying that a lot of companies, especially in the creative industry, can provide opportunities on NFTs. Venture capitalists are already here, and they have chosen the Philippines as their target. They see that we have already made e-wallets like GCash a boom, Axi, proving that it's very natural for us to adapt with technology," he said.

Aside from the DTI, Lim said they want to expand talks with Secretary Ivan John Uy of the Department of Information and Communications Technology, as "the government plays a crucial role in our aim of promoting blockchain education in the country and highlighting the Philippines as the blockchain hub in Asia."

In his speech, DICT Secretary Uy stressed the commitment of the government, particularly his department, to continually unravel the potential of Filipinos, strengthening the commitments of both public and private sectors, and matching it with the right technologies, policies, and other enabling mechanisms to build a digital economy that our fellow Filipinos and international investors can trust.

"The digital economy is a significant step towards building a digitalized Philippines that has risen from poverty, a Philippines where everyone is connected, a Philippines built for the digital era. This is the dream that I share with President Ferdinand "Bongbong" Marcos Jr.," according to Uy.

The DICT Secretary also inducted the newly created Blockchain Council of the Philippines, a 15-man group representing different sectors, namely cutting-edge thought leaders from Web2 and Web3, to facilitate education, opportunity, and growth of blockchain in the Philippines.

Awardees

Meanwhile, the occasion has honored personalities for the first-ever Philippine Block Awards, which included leaders in financial, technology, and business industries for supporting and promoting the adoption of blockchain in the country.

UnionBank of the Philippines chairperson Justo Ortiz received the Leader of the Year Award, being the Leader of the Fintech Association of the Philippines, Blockchain Association of the Philippines and Philippine Payments Management Inc.

Also, Rien Lewis Pecson, the eighth grader who created the world's first blockchain-based voting platform, iVote.ph, was awarded the Blockchain Leader of the Future.

"Dr. Ortiz has helped pave the way for the financial industry to adopt Web3 technology, and he heads many of the country's blockchain groups. Meanwhile, Rien has shown us that young people can change the world through blockchain. We hope Filipinos will be inspired by their work and start learning more about the technology," Lim said.

Declared Philippine Block Champions were Atty. Mark Gorriceta, managing partner and head of the Technology Media and Telecommunications Group of Gorriceta Africa Cauton & Saavedra; Ann Cuisia, CEO of Traxion Tech; Atty. Kelvin Lester K. Lee, commissioner of the Securities and Exchange Commission; Imelda Tiongson, president and Execom member of Opal Portfolio Investments Inc., and independent director of PruLife UK, and a trustee of both the Fintech Alliance Ph and Fintech Association of the Philippines; Henry Rhoel Aguda, senior executive vice president and chief technology and Operations Officer of UnionBank of the Philippines; Luis Buenaventura II, country manager of Yield Guild Games; Gail Concepcion Cruz-Macapagal, country director of DynaQuest Technology Services Inc.; Nichel Gaba, CEO of Philippine Digital Asset Exchange; Gabby Dizon, co-founder of Yield Guild Games; and Miguel Cuneta, founder of Bitmark.ph and co-founder and chief community officer of Satoshi Citadel Industries.

"These men and women have advanced blockchain and Web3 technologies in the Philippines. They are also leading the way for its adoption and pushing for the Philippines to be the blockchain hub in Asia," Lim said.

Lim added that the success of the inaugural Philippine Blockchain Week indicates that Filipinos welcome blockchain adoption and that the world recognizes its potential.