The Philippines’ Department of Trade and Industry signs MoA on blockchain

The Department of Trade and Industry (DTI) signed a Memorandum of Agreement (MOA) with a US-based company that provides blockchain-based cloud data storage optimisation service on 19 June 2019.

According to a recent press release, the MOA will enhance capacity building and institutional development of the effective use of blockchain technology in the Philippines.

The Agreement on blockchain

The partnership aims to promote the use of blockchain in facilitating ease of doing business and addressing cybersecurity issues in the country.

Through this partnership, the government will be more equipped with information on the potentials and impact of blockchain technology in doing business in the Philippines.

The company will be providing the Department with complimentary consultation, advice, cost-benefit and socio-economic analysis on the use of blockchain technology in the country.

Moreover, this will cover blockchain’s impact on trade, regulations, and service delivery.

The company will also conduct a needs assessment and recommend an actionable proposal on how the Department can utilise the blockchain technology effectively on its programs and projects.

For their end, the Department will be assigning and delegating a team of experts to work with the company in relation to the partnership.

Both parties also agreed to support the advocacy programs on promotion of blockchain technology and cybersecurity through information dissemination and capacity-building activities.

They want to ensure partners, investors, and MSMES that the Philippines is ready to address  cybersecurity issues as well as keep up with the fast-paced international digital trends.

Partnering with an industry expert, who had made their mark in blockchain technology, will help the Department in that area.

The Philippines as an AI powerhouse

In other news, the Department of Trade and Industry Secretary Ramon Lopez recently discussed with the University of the Philippines School of Economics Alumni Association (UPSEAA) the potential of the country to become an artificial intelligence (AI) powerhouse.

In a talk on the Philippines’ current business climate, and the industry development initiatives of the Department, the trade chief highlighted the country’s abundant human capital.

He was pertaining to the graduates of science and engineering as well as the non-technical.

AI as an equaliser

AI can become a great equaliser where the educated, highly skilled, and highly motivated young population can make their mark.

Everyone has a place under this new industrial regime, regardless of educational level, or background, or interest.

Several applications for AI were highlighted such as in agriculture, healthcare, finance, retail, transport, and smart cities.

AI software revenue by industry is expected to reach more than US$ 100 billion by 2025 while global AI business value is projected to reach US$ 5.8 trillion by 2022.

The Secretary also shared the working framework for the formulation of the Philippine AI Strategy.

Support will be obtained from various stakeholders from national, regional, and local champions from schools and universities across the country as well as from industry giants.

Meanwhile, highlights and key elements of the inclusive, innovation-led, industrial strategy (i3S) were shared.

This initiative aims at growing innovative and globally competitive manufacturing, agriculture, and services while strengthening their linkages into domestic and global value chains.

The Government connects stakeholders and integrate the country’s innovation and entrepreneurship ecosystem through the Regional Inclusive Innovation Centres (RIICs) present in different parts of the country.

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