Blockchain Finally Delivers on Its Promises in the Philippines
The annual Philippine Blockchain Week (PBW) has finally started to deliver on its promises. This year's event, which took place at the SMX Convention Center Manila, showcased how blockchain technology is being used in real-world applications.
One of the key examples cited was the use of blockchain in the country's digital national ID infrastructure. The Department of Information and Communications Technology (DICT) revealed that 91 million digital national IDs have been issued, with banks, e-wallets, and financial institutions already using them.
The DICT's Undersecretary David Almirol explained that blockchain is used to ensure trust and confidence in the digital national ID system. 'We already have 91 million digital national IDs... And to make sure that we have the trust and confidence of our people to use the digital national ID, we use blockchain,' he said.
Another area where blockchain is being applied is in the verification of government documents. The Department of Budget and Management (DBM) is using blockchain to make sure that action documents released to government agencies are immutable and easily verifiable on a blockchain portal.