Following the devastating impact of COVID-19 across the world, many countries are finding new and innovative ways for economic recovery. In recent news, the Philippines and its President Ferdinand Marcos Jr. have reiterated the country’s need for digital transformation at all levels.
From education to agriculture, infrastructure, construction, and many more industries, the Philippines is looking to lead the way in a transformative movement that seeks to adopt blockchain technology.
In this article, we will explore the country’s interest in BSV blockchain technology and how the government aims to transform its country’s industries to become more competitive in the digital landscape.
Government Eyeing BSV Technology to Achieve Its Economic Growth
Blockchain technology is gaining momentum all around the world. Even gaming websites like Bet999.io have incorporated cryptocurrencies and implemented such technologies to expedite payments and withdrawals.
The Philippines is also capitalizing on the blockchain revolution. With new foreign investment rules underway, it seems that the country is ready to transform its industries to achieve its 2023 economic growth targets.
Currently, the government is exploring ideas, including implementing the BSV blockchain. This environmentally friendly, fast, and scalable technology can help streamline many different sectors, such as finance, healthcare, logistics, and e-gaming.
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Adopting and Implementing Blockchain Technology Could Transform the Digital Landscape in the Philippines
President Marcos addressed the Congress in May 2022, announcing revolutionary reforms and local initiatives to help transform the country’s technological infrastructure and the digital economy.
As the world approaches the fourth industrial revolution, the series of reforms introduced by the Philippines government aims to make the country more competitive in the global landscape.
The country is on the quest to digitize resident’s identity cards, land records, and healthcare data. It also plans to upgrade the IT communications across all of its islands.
In a recent discussion with the media, the Department of Information and Communications Technology stated that it is looking to transform the current state of the government into an agile bureaucracy that will be quick to respond to the needs of the public through the collection and analysis of data. This will allow for seamless access to public services.
The massive transformation requires hefty investment, which is why the government is seeking foreign aid by removing the restrictions on foreign direct investment (FDI) in the Public Service Act.
According to President Marcus, the country will also be upgrading its tax system to ensure that it caters to the needs of a digital economy. He signed an executive order in 2022 to give certain industries the “green light” to raise funds to expedite highly desirable or strategic projects.
To promote cashless payments in the country, the Bangko Sentral ng Pilipinas urged the need to eliminate fees for small banking transactions. This move will not only help aid in achieving a digital economy quicker but also focus on financial inclusion, ensuring that everyone becomes part of the new financial system.
By 2024, President Marcus is seeking a reduction in poverty levels and hoping that the country will achieve an upper-middle-class status. He has also set a GDP target between 6.6% and 8% by 2028.
The country’s sizeable freelancing workforce, agricultural sector, tourism, and food industries are some of the areas that could benefit from such transformative policies. According to the government, it aims to achieve its growth targets and transform the different industries by adopting the BSV blockchain.
By adopting and implementing the BSV blockchain, businesses and individuals in the country would enjoy fast and cashless payments nationwide and across the world. It could also improve government processes, especially the processing of business contracts, helping eliminate waiting times.
The main idea behind introducing the BSV blockchain in the country is its transparency and affordability. Under this technology, the government expects instantaneous transactions at a thousandth of a US cent each.
Considered to be the “universal ledger of truth,” blockchain has a high bandwidth and a robust storage system that could allow anyone to verify important records and identify any discrepancies.
The Philippines Has Taken Its First Step Towards BSV Blockchain
Located on the Western side of Manila Bay, Bataan is a special economic zone created by the Philippines government to attract FDI.
Bataan’s governor, Jose Enrique Garcia III, recently stated that his administration is actively searching for blockchain solutions that they can implement to improve public services across the province.
There was also the Global Blockchain Summit in Bataan, where BSV blockchain representatives talked to the locals to identify potential opportunities.
At the conference, there was an emphasis on adopting the latest blockchain technologies like BSV, which eliminates token trading and unregulated finance.
In January 2023, as a step towards a digital economy and becoming a global leader in blockchain, Bataan’s governor signed a Memorandum of Understanding with nChain, a tech company offering blockchain solutions.
According to the officials at nChain, the company will be providing expert advice and will play a major role in the implementation of BSV blockchain across the province to ensure an efficient, secure, and transparent government system. It will also digitize state services to ensure that public officials provide their citizens with the right products and services.
When countries rush to implement blockchain technologies, enthusiasts often hail such decisions, glorifying it as the first step towards a transformative future.
However, it is essential to note that many governments are quick to introduce overly-hyped projects without properly mentioning their implementation plans.
According to Stefan Matthews, the chairman of nChain, the Philippines has the most to gain from the proper implementation of blockchain technology. The underlying infrastructure behind digital currencies can have a transformative effect on private businesses and government sectors.
Matthews stated that the government’s interest in blockchain technology would play a major part in all of the industries in the Philippines.
Let’s take the retail sector as an example. The BSV blockchain technology can help transfer the VAT to the government instantly when someone purchases a product at a store. It has the potential to transform tax returns and government revenue management.
The BSV blockchain is the most efficient, scalable, and cheapest technology out there that has proven to work, compared to the many that made huge promises but fell short due to inefficiencies.
Many people believe that the BSV blockchain is a new technology. However, it is a reinterpretation of the original Bitcoin protocol that Satoshi released in January 2009.
The major hurdle that nChain sees with implementing BSV is the initial interest in the project, followed by the bureaucracy and the government’s lack of commitment to fulfilling its promises to its citizens.