29 May 3 Significant Impacts of Blockchain Technology in the PH
Blockchain has impacted the disruption of industries around the world since its inception in 2009 as cryptocurrency. It has greatly changed banking by decentralizing digital currencies without a bank or a pivotal adminstrator1. With its much significant influence on a legacy industry, one can just imagine how much Blockchain can impact the country in the near future. To address this, we shall briefly discuss three critical Philippine industries that blockchain technology will impact in the next few decades.
Blockchain records are publicly accessible to maintain transparency among its stakeholders. The systems then maintain data integrity through verification and cryptography. Using this method, the data is resistant to unauthorized changes. Blockchain eliminates the need for middlemen, ensuring efficiency than usual legacy systems. In the Philippines, we have seen a surge in Cybersecurity concerns in the country. By adapting to this structure, the Philippine digital ecosystem becomes a more reliable medium for growth and disruption for our critical industries.
2. Supply Chain Management
As an archipelago, the Philippines relies on Supply Chain Management heavily to ensure the survival of the nation; and one of its challenges is documenting and monitoring transactions to collect and analyze valuable data for planning. With blockchain technology, these transactions are documented in a permanent, decentralized record; and are monitored securely and transparently. Using automated trust, it reduces time delays and human mistakes. Moreover, this technology can be used to audit costs, labor, and even wastes and emissions within the critical points of the supply chain.
The most ground-breaking application for blockchain technology is its ability to be used for fair and democratic government processes that will provide public service to its citizens. Government procedures such as voting can now be done securely via voter registration and identification and electronic counting. System automation using the Blockchain tech also eliminates a great part of the bureaucracy, therefore increasing the efficiency and transparency of government operations that can be tracked through public records. Through this, we are paving the road towards sustainable political progress that will ultimately improve the country.
Blockchain’s influence doesn’t stop there. Currently, investment and banking institutions are catching up to be on par with industry standards. Most banks have leveled up their system and produced real-time authentications for online shopping to protect their customers from scams. Currently, even start-ups in the country as starting to consider Blockchain technology, such as Acudeen Technologies Inc. Recently, the company’s Co-Founder and Chief Technology Officer, Mario Salazar introduced and shared his experiences in using the Hyperledger ecosystem with fellow blockchain enthusiasts at the Hyperledger Meet Up Manila last May 7, 2019. This is in conjunction with the company’s platform as space where SMEs can sell their receivables and funders can help through receivable discounting; therefore trust, confidence, security, and transparency are important in order to run it. Learn more about growing your money through receivable discounting as a funder with Acudeen.
Through these and other examples, Blockchain is clearly becoming an industry standard, and its promises of efficiency, security, and transparency are becoming more real for us. Progressing further, we begin to see how all the pieces fit together to create a digital-ready Philippines, gearing towards a brighter future.