Navigating the technological frontier: A Year in Review of blockchain in the Philippines

CoinGeek’s Year-End Report for the Philippines serves as a testament to the dynamic evolution witnessed throughout the year in the world of innovation and technological strides. In this report, we revisit pivotal moments that have shaped the blockchain landscape in the country as we bid 2023 farewell.

The year kicked off with Southeast Asia Tech Week, a collaborative effort between Digital Pilipinas and the British Embassy.

“I think we are in a really interesting and exciting time in the Philippines. The ecosystem has been growing over the last few years. I think we are in a cusp of seeing it really blossom,” said British Ambassador to the Philippines Laure Beaufils.

The Department of Trade and Industry (DTI) played a crucial role in nurturing potential unicorns.

“We’ll be working together with Digital Pilipinas in order for us to support the growth and development of more startups,” highlighted Undersecretary Rafaelita Aldaba.

Amor Maclang, convenor of Digital Pilipinas, emphasized the broader vision for the country, stating, “the Philippines could potentially be a leader in the space. Not just because we consume, we create, and we perform.”

Meanwhile, the CFO Summit shed light on the indispensable role of technology in business survival during challenging times. Cherry Kua, Financial Controller at Microsoft (NASDAQ: MSFT), reflected on the rapid digitalization during the pandemic, stating, “The two-year digitalization was done in two months.”

Angelo Valdez, President and CEO of Harper & Hill Inc., emphasized the need for education, saying, “We need technology. And not only technology, we need to educate all these financial leaders.”

The Aboitiz AI Summit explored the multifaceted impact of AI on various industries. Tim Rockwell of Energy Asia Strat Pte Ltd highlighted the complementary nature of AI and blockchain, rallying stakeholders and the public to “look at it as another tool.”

The National ID system sparked discussions on data privacy, with Guy Sheppard of Aboitiz Data Innovation proposing blockchain as a solution.

“For us, a very interesting experiment is to start using blockchain for that secure chain of custody for the most sensitive of things,” he said.

As the Philippines embraced AI and blockchain, the question loomed: what comes next?

Dr. Adrienne Heinrich of Aboitiz Data Innovation expressed hope for stronger collaboration.

The AIBC Summit marked a milestone, bringing intelligence and security to the forefront through the dynamic duo of AI and blockchain. Kelvin Lee, commissioner of the Securities and Exchange Commission (SEC), emphasized the importance of credibility and effectiveness in choosing blockchain partners.

“We need to make sure they are credible, that they can work well with us, and, of course, that their solution should be effective,” he said.

nChain, a prominent player in the global blockchain space, played a significant role in advancing the country’s digitalization efforts with its Blockchain Immersion Program.

“Our goal there is to create a platform where people can immerse into blockchain tech through various activities,” explained Stephanie Tower, Business Development Lead – Philippines for nChain.

Furthermore, nChain has partnered with Ateneo De Manila University to boost blockchain education and support PhD students.

nChain’s commitment to education materialized with the launch of the Block Dojo startup incubator program, a promise fulfilled by Stefan Matthews, Executive Chairman and Co-Founder of nChain, to support the Philippines’ digitalization.

The Philippine Blockchain Week served as the grand finale, featuring a metaverse fashion gala and a lineup of influential speakers. Donald Lim, Lead Convenor of Philippine Blockchain Week, highlighted the involvement of various stakeholders in waking up the entire ecosystem.

Senator Robin Padilla pledged support for blockchain, stating, “I’m here to whatever you like me to do, to sponsor a bill for you, I’ll do it.”

Wei Zhou, CEO of Coins.ph, discussed the regulation challenges, acknowledging the stability and practicality of the Bangko Sentral ng Pilipinas (BSP) in overseeing blockchain and digital assets.

As we say goodbye to 2023, the Philippines stands on the cusp of digital transformation. Blockchain has woven its magic across government corridors and metaverse fashion galas, promising a future brimming with innovation.

Anticipation lingers for an even more remarkable 2024. On behalf of the CoinGeek team covering events in the Philippines, I’d like to thank you for joining us on this ride, and here’s to a future where possibilities know no bounds!

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