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BCB Blockchain Collaborates with Philippine Government to Support Local Startups

During the 3rd National Technology Business Incubator Summit, BCB Blockchain, a Singapore-based technology firm agreed to join hands with the government of the Philippines to support the development of local startups through creating smart city projects and applications making use of their funds and blockchain protocol.

Through the signing of a memorandum of agreement (MOA) with the Philippine Council for Industry, Energy, and Emerging Technology Research and Development (PCIEETRD), the firm sealed their agreement. Following this, Dr. Enrico C. Paringit, Executive Director, PCIEERD – DOST, had wished that:

“This partnership will ignite the next wave of applications and innovations for the development of sustainable and smart cities.”

The report, published on Nov. 23, noted that BCB Blockchain firm has also entered partnerships with a number of universities and startups which include: Adamson University, Holy Angel University, De La Salle University Manila,Far Eastern University, Technological Institute of the Philippines, Batangas State University, Caraga State University, Mindanao State University – Iligan Institute of Technology, Siliman University, QBO Innovation hub, Technological University of the Philippines – Visayas, and University of Southeastern Philippines,

Speaking about the partnerships, Douglas Gan, Chief Executive Officer, BCB Blockchain said;

“By providing DOST, universities and TBIs the resources and technical knowledge that BCB Blockchain has, we expect them to deepen their competencies in the area of designing and developing applications and projects for smart cities. We will guide and provide them the access to hands-on workshops, funding, materials, events and technical support.”

Image via Shutterstock

World Wide Fund for Nature in the Philippines to Create Blockchain-Powered Fish Traceability App

The World Wide Fund for Nature (WWF), the Philippines has teamed up with UnionBank, a digital wallet, to create a blockchain-powered app dubbed Tracey to offer financial support to local fishers, as well as propel traceability and transparency in the fish supply chain.

The blockchain-enabled fish traceability platform would boost sustainable fishing by incentivizing data input.

Poor Fishers to Benefit

Fishers will be paid to upload data about their catch, such as species and location. The information recorded will then be shared with government agencies, WWF, and other third-party organizations after paying for it.

By leveraging on Stream’s blockchain network, the Tracey app will enable poor fishers to get rewards for their catch. Expressly, Stream is an open-source project that utilizes real-time inputs to monetize data.

The Tracey app also supports a stable coin called Peso that was launched by UnionBank. It will also be instrumental in granting every fisher with a credit score based on their catch data, and this will act as the basis to access microfinance.

Susan Roxas, the Fisheries and Finance Lead for WWF’s Coral Triangle Program, acknowledged: “Small fishers in many coastal countries remain poor despite the high-value fish they catch, like yellowfin tuna.”

The blockchain-enabled app is set to alter this by providing fishers with financial support.

Image via Shutterstock

Philippines Central Bank To Research Further Before Launching its CBDC

The governor of the Philippines Central Bank, the Bangko Sentral ng Pilipinas (BSP), Benjamin Diokno has recommended further research with respect to the Philippine’s plans toward the development of a central bank digital currency dubbed the Digital Peso.

As reported by Business Inquirer on Oct 22, Governor Diokno gave his recommendation to research further following the report of the central bank in its preliminary CBDC study.

The central bank governor noted that the “The initiative is aimed at enabling the BSP to keep pace with, and to enhance its readiness to adjust and evolve amid rapid technological developments,” and from the current situation of events, he said that the development of a Digital Peso may not be actualized in his own tenure.

Nonetheless, Diokno stated that more research would be done in the main time to strengthen the current payment system while productive consultations will be pursued with other nation’s central banks particularly though who has advanced in their own CBDC research. In addition, Diokno weighed in on the longstanding debate of superiority between current digital currencies and a CBDC and he emphasized that a CBDC is superior as it would be backed by law as an alternative medium of exchange to the underlying fiat currency.

The BSP in expressing its interest to pilot a Digital Peso inaugurated a committee to understudy CBDCs based on technical feasibility and policy implications. While the committee’s work would be ongoing, the Phillipines central bank will be focusing on developing the human capital it needs through workshops as well as calls for technical assistance from the International Monetary Fund (IMF) amongst others.

As most nations are gearing up to debut a potential CBDC as a means to bolster or strengthen their payment system, a dire need to get the system right given each country’s challenges is pertinent. The Central Bank of the Bahamas, credited to be the first to launch a CBDC it dubbed The Sand Dollars noted that it has perfected the system to work offline in the advent of a natural disaster.