Mr. Brock Pierce, Co-Founder of Blockchain Capital, Chairman of Bitcoin Foundation, Co-Founder of Block.one, and Founding Board Member of Mastercoin stated that the Philippines is an interesting location to develop blockchain technology.
Philippines and Blockchain
During the first Beach Blockchain Summit that happened on May 10 – 11, 2018 at Mactan Island, Cebu, Philippines, Mr. Brock Pierce stated that the country is a good location to develop blockchain. One good reason for this is the number of unbanked population in the country, which constitutes to around 80% as of the moment.
The Co-Founder of Blockchain Capital shared that he is always excited whenever he goes back to the Philippines. He said this is because the country is an English-speaking nation, there’s a huge room to make a difference, and its huge percentage of unbanked population.
Bangko Sentral ng Pilipinas shared a data from 2017 that 86% of Filipino households don’t have a deposit account mainly because of the lack of spare cash for keeping. Another reason for the huge unbanked population is the type of jobs. Some are self-employed, working at a private household, working at farms, or informal jobs.
Mr. Pierce mentioned that the challenge now is how to bring cryptocurrency and blockchain to the unbanked for them to enjoy and access the very basic financial services.
“We need to figure out how to get them onboard…Financial services are as important as clean drinking water,” – Mr. Brock Pierce
Mr. Patrick Palacios, CEO and Co-Founder of Appsolutely and Loyal Coin also shared during the Beach Blockchain Conference that the Philippines is part of the race in adapting and taking advantage of the blockchain technology. Although, he also stated that there are still some questions that must be answered to enlighten the Filipinos about the new technology.
“This is already a good start and with more education, we would be able to plug in more people into this new way of doing business,” – Mr. Patrick Palacios, CEO and Co-Founder, Appsolutely and Loyal Coin