Manila hosts the first ever BSV Blockchain Meetup

Of the many new technologies, blockchain is unwavering in its progress towards global adoption. This is because, in addition to being a technology that can improve existing systems and solve age-old problems when it comes to digital infrastructures, it can be used as a foundation that will make all other new technologies run more efficiently and be released to the masses . consumption in a shorter time than expected.

One of the biggest obstacles to global adoption of blockchain is awareness and education. Top executives and business owners do not fully understand what blockchain is and the benefits it can provide. Most of the time, they see that shifting from one digital infrastructure to a more modern one is costly and will put a dent in their budget.

They don’t recognize the truth that in the long run, blockchain will not only allow them to save money, but maximize profits. The Philippines, a developing nation in Southeast Asia, is one of those places where everything is not yet fully digital and where companies are usually on a tight budget.

Known for their creativity, ingenuity and adaptability, Filipinos will be able to utilize and innovate blockchain well. And if adopted, blockchain will certainly help businesses and startups in the country expand markets and develop platforms that can push them to have more significant participation in the global digital economy.

Bitcoin SV (BSV) has recognized the potential blockchain will have in the Philippines, which is why Manila hosted its first ever BSV Blockchain Meetup over cocktails on August 16 at the Manila House Private Members Club. Attended by budding entrepreneurs and representatives of some of the most successful companies in the Philippines, the event successfully created awareness about blockchain technology and planted the seeds of innovation in their minds.

“What we really wanted to learn is, number one, how blockchain can play a role in the overall FinTech category here in the Philippines, as well as maybe in the future how GCash can help participate and promote this and give more people access to blockchain technology . And I think I’m happy to say that with this event we actually got it, said Lorenzo Canaria, head of e-commerce growth marketing, major promotions and innovation for the popular mobile wallet app GCash.

“For any revolution to happen, we need like-minded people to come together. So, to be together in one room and try to push the agenda forward. I think this night is very important because we see who is like-minded, and we want to see more of each other over the coming days and weeks and months,” commented DITO CME Holdings CEO Donald Lim.

GCash is a product of Globe, while DITO CME Holdings owns 54% of DITO Telecommunity – two of the four major mobile networks in the Philippines. GCash has over 60 million users and DITO has already reached 10 million subscribers since its launch in March 2021. Cathy Casas, FVP-Blockchain and API Business Group Head of UnionBank of the Philippines, one of the top 10 banks and the very first to use online banking in the country, was also involved.

The presence of Globe, DITO and UnionBank shows how receptive the local business community and the authorities are BSV Blockchain and what it can offer as the largest public blockchain that has the ability to scale limitlessly.

This means that BSV Blockchain has the capacity to constantly scale to efficiently handle the growing amount of data and an increasing number of transactions used and generated by the world daily. And because of its large blocks of data and extremely high throughput, it can reduce the cost of each transaction to very small fractions of a cent, making it an efficient and practical solution to many digital problems.

“Since blockchain is an immutable ledger where transparency is key, in a world where we don’t really own our data, I feel that blockchain can really revolutionize this by giving ownership back to us,” Carlos Albornoz, Project Development Officer at the Department of Information and communication technology (DITC), shared.

To educate the guests despite the informal setting, Stefan Matthews, executive chairman of the blockchain research and development firm nChain and executive chairman and former CEO of the blockchain provider LANGUAGE Distributed Information Technologies Inc. (CSE: TAAL), spoke briefly about how important blockchain is with cutting-edge technology.

“I realize that there is an inevitable merger between blockchain and AI applications because they have something in common. What they have in common is data. Blockchains exist to provide immutable access to data. AI needs as its absolute foundation, data— for [endless] data to be used, the applications and the power of AI to query their data and get outputs from that data,” Matthews explained.

Although AI is still something to look forward to in the future, blockchain is ready for enterprise adoption now. For example, GCash remains vigilant against fraudsters and works with authorities to block them 900,000 fake accounts only in the first quarter of this year.

If GCash were to adopt blockchain, it would provide an immutable and auditable record, making it easier to detect these fraudulent accounts, as well as track fraudulent transactions, and ultimately apprehend and punish the perpetrators. Whether it is in the financial, telecommunication or public sector, blockchain provides the greatest utility that cannot be denied.