During a blockchain forum organized by the Davao City Chamber of Commerce and Industry (DCCCII), speakers emphasized the need to adapt blockchain just like how the rest of the world is already doing it.
Anthony Pangilinan, a popular figure in the business industry, discussed how the blockchain is taking over the world. The new technology has been continually disrupting industries – from banking to supply chain. As one of its key features is immutability, putting records and transactions in the blockchain will lead to greater security and speed in doing business. Pangilinan emphasized that businesses should adopt it now.
The blockchain is a growing list of records secured by cryptography. Transactions recorded in the blockchain cannot be modified and are therefore immutable. Lastly, it allows transactions to be executed faster than traditional means.
Banks in the Philippines have started looking at the blockchain to make banking more efficient. Union Bank is one of the pioneers in using the blockchain in its programs, particularly its project to connect rural banks to the country’s main banking system.
With the popularity of the blockchain comes the increasing popularity of cryptocurrency. Cryptocurrencies such as bitcoin have fluctuated in value but are currently seen as a new asset class. However, some people are using bitcoin and cryptocurrencies as a front for their scams. Ms. Ann Cuisa of Traxion, a blockchain company in the Philippines encouraged everyone to scrutinize any form of investment opportunities involving cryptocurrencies.