According to blockchain advocate Brock Pierce, blockchain and the terms surrounding it are a mouthful and may be hard to understand by the public. He stressed that just like the internet, it needs usage in order to be understood. A great way to do this is through cryptocurrency.
Since blockchain and terms like distributed ledgers, immutable, decentralized are quite hard to understand from a public standpoint, blockchain advocate Mr. Brock Pierce suggests using readily available cryptocurrencies and the wallet that comes with them to help in understanding the growing technology.
He said that with its usage, a useful understanding will follow. This will eliminate the intimidation it creates to the end user who wants to make life a little easier just like when using a smartphone.
The blockchain advocate also added that the country will truly benefit from this new technology. This is because the Philippines is the third highest remittance recipient in the world next to China and India. He believes that the technology will help OFWs in cutting down transaction fees and will also make the service faster.
He added that it will also help in making 75% of the country’s unbanked population experience financial inclusion. This includes loans, credit, and investment opportunities.
Along with Mr. Brock Pierce, another blockchain advocate, Ms. Serry Osmeña, also shared her two cents about the technology. She said that cryptocurrencies are comparable to casino chips. She gave an example of putting a news platform on a blockchain that generates tokens. The news writer will then receive tokens that are bought by its audience using fiat (Philippine Peso).
With the establishment of the Blockchain Association of the Philippines (BAP), Union Bank tapping the technology to do under-the-hood blockchain execution, and with Mr. Brock Pierce and Ms. Serry Osmeña in the country, the Philippines may have an edge to lead the technology. This is in addition to Cagayan Economic Zone Authority becoming the Silicon Valley of Asia by welcoming fintech and blockchain companies from around the world.
Mr. Brock Pierce also attended the first ever Beach Blockchain Summit hosted by LoyalCoin. He shared that the country is a good place to grow blockchain and noted that aside from being an English-speaking nation, there is a huge room to make a difference because of its huge percentage of the unbanked population.
Union Bank of the Philippines, on the other hand, is moving more of its internal processes on the blockchain. According to its CEO, Mr. Edwin R. Bautista, this will cut expenses and also learn more about the technology. The bank is also looking at improving customer service using the blockchain soon.