TOP > News > [ASEAN Summit] PH and SG Signed Business Deals Including Blockchain MoU
August 2, 2018 Updated

The Memorandum of Understanding (MoU) is for using blockchain tech in the creation of a national ID system, transport management, and trade financing.



Philippine President Rodrigo Duterte witnessed 10 business agreements signed between PH and Singaporean businesses during the 32nd Association of Southeast Asian Nation (ASEAN) Summit.

One of the business deals is a Memorandum of Understanding (MoU) between Ascent Solutions Pte Ltd and Ascent Solutions Philippines Inc. The MoU is for using blockchain tech in the creation of a national ID system, transport management, and trade financing.

The blockchain is one big ledger where records are written. It is immutable and records cannot be tampered with. Being decentralized, it will be difficult to tamper data, and therefore difficult to tamper identity.

An identification system is one of the most talked-about use cases of the blockchain. According to MasterCard, which has a patent filing for verifying identity using the blockchain, an ID system built on this new technology is a solution to provide storage of identity that is immutable (can never be changed).

Other firms are working on such systems. One is the joint effort between Accenture, Microsoft, and Avanade. The project – named ID2020 – is a blockchain-based identity system that gets rid of the need for a centralized entity to verify identity. It allows multiple parties to access data on the ledger. However, the person has the power of consent as to when or to whom will they share the personal data.

The blockchain Memorandum of Understanding between Ascent Solutions and Ascent Philippines is just one of the 10 business deals signed during the ASEAN summit. Other deals include development projects between Filinvest Development Corp and Keppel Corp, and the establishment of Filipino Fastfood – Jollibee in Singapore – a deal between Jollibee worldwide and Golden Beeworks.

Source: Philstar

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