The Philippines team up with BCB Blockchain to develop Smart Cities
The Department of Science and Technology (DOST) of the Philippines signed an MoA (Memorandum of Agreement) with BCB Blockchain from Singapore. This is one of the important steps for the Philippines to build Smart Cities in their countries.
The plan of building Smart Cities and grasping new technology
BCB Blockchain contributed 300,000 dollars to developing incubators and start-up accelerators in the Philippines, according to the November 23 press release. The budget was planned to create opportunities for the improvement of small startups concentrating on the building of smart city projects and applications.
Douglas Gan, CEO of BCB Blockchain, stated:
“By supporting DOST, with universities, TBIs the resources, and technical knowledge that BCB Blockchain has, we believe they will enhance their potentiality in the area of designing and improving applications, and projects for smart cities. We will also conduct and help them by holding the hands-on workshops, funding, materials, events and technical support.”
And BCB Blockchain has proved their words by providing a number of local educational institutions knowledge and benefaction to research and development. The list of chosen universities was the Technological Institute of the Philippines, Adamson University, La Selle Universities Manila, etc. They also offered other benefits such as promotional activities, hackathon events, cooperative efforts, and other proposals for Smart City or blockchain development.
The Philippines in the crypto industry
The Philippines has made many strides in the crypto industry. This can be considered a fairly progressive country in capturing new technologies.
Last September, the Philippines published its ICO law and issued a draft of rules for cryptocurrency exchanges. By October this year, the Philippines had 10 licensed crypto exchanges, second only to Japan.
In addition, in July 2019, Union Bank Philippines launched a native stablecoin in the country’s national currency Pesos. The goal is to connect rural banks through the blockchain platform. Earlier, this financial institution successfully piloted blockchain-based money transfers. Specifically, they transferred Union Bank’s PHX from Singapore to the Philippines in cooperation with OCBC Bank Singapore.
The Department of Information and Communications Technology (DICT) of the Philippines signed an MoA with United States-based blockchain firm Monsoon Blockchain Storage while the Monsoon helped as a blockchain consultant and mentor to DICT, providing services such as cost-benefit and socio-economic analyses that are related to blockchain solutions in the Philippines.
Although blockchain technology had already been a part of several countries and industries, it was still something new to the Philippines. Philippine Senator Grace Poe also expressed the same statement and advised local legislators should not pass the financial technology principle.