Distributed ledger technology pushed

The roadmap implementation may serve as an avenue for DLT-related R&D to come into fruition.

The country needs to support the development and promotion of distributed ledger technology (DLT)-based systems and platforms, which can be used to improve government services and processes and by different sectors such as trade and commerce.

A policy brief published by the Department of Trade and Industry-Bureau of Trade and Industrial Policy Research (DTI-BTIPR) said the government should invest in digital research and development (R&D), in collaboration with local and international technical experts and resource persons.

“This would ensure that the government is equipped with the proper knowledge and technical know-how regarding DLT, given that they will also be drafting and implementing future related policies,” it said.

R&D would also enable the government to develop their own DLT designs and specifications according to a specific need, it added.

The paper particularly cited the Inclusive Filipinnovation and Entrepreneurship Roadmap developed by the DTI which aims to create Regional Inclusive Innovation Centers (RIIC) in different parts of the country.

The RIIC will initiate productive collaboration among the public sector, academe, and industries, and will link together various innovative programs and projects by the DTI and the Department of Science and Technology (DoST).

“The roadmap implementation may serve as an avenue for DLT-related R&D to come into fruition,” it said.

On infrastructure, the country needs modern information and communications technology (ICT) equipment that are at par with international standards.

“In order to fully integrate the public into a digital economy, a good infrastructure would particularly sustain the much needed data storage, security, and overall operations of DLT-based systems,” it added.

The policy brief further said it is imperative to draft a Philippine DLT roadmap given the country’s continuous development and migration from traditional to digital economy, and develop standards and guidelines for DLT-related services and operations.

“(The DLT roadmap) would determine the proposed public programs/projects that would initiate dialogues and encourage participation of concerned entities. It would also show the government’s vision of how the DLT will be applied and fulfilled within a certain timeframe,” it added.

The paper further said the Philippine government should also set standards and guidelines for security, privacy, integrity, trust, interoperability and infrastructure related to DLT operations.

“Standards would aid in the proper implementation and utilization of the technology, depending on the mode and method of which it will be used. It would also ensure that DLT-enabled mechanisms in the country are at par with international best practices,” it said.