The Philippines collaborates with blockchain company BBC to develop smart cities in the country.

The Singapore-based blockchain company BCB Blockchain has signed a Memorandum of Agreement (MoA) with a branch of the Department of Science and Technology (DOST) in the Philippines, aiming to support the development of local smart cities.

According to a press release on November 23, BCB Blockchain has signed a memorandum of understanding with the Philippines' Department of Science and Technology's Philippine Council for Industry, Energy and Emerging Technology Research and Development (PCIEETRD), committing $300,000 to Philippine incubators and startup accelerators.

Smart Cities and Applications

The collaboration aims to foster the development of local startups focusing on creating smart city projects and applications. Additionally, BCB has partnered with a range of local educational institutions to provide their expertise and assist in the country's research and development, promotion activities, hackathons, and other contributions to smart city or blockchain development projects. CEO of BCB Blockchain, Douglas Gan, stated:

By providing the resources and technical knowledge that BCB Blockchain possesses to institutions such as DOST and local universities..., we hope to deepen their capabilities in designing and developing applications and projects for smart cities. We will guide and provide channels for hands-on workshops, funding, materials, events, and technical support.

The Philippines Embracing Emerging Technologies

Earlier this summer, the Philippines' Department of Information and Communications Technology (DICT) also signed an MOA with U.S.-based blockchain company Monsoon Blockchain Storage, appointing Monsoon as DICT's blockchain consultant to provide consultation and bear costs, among other services. Monsoon will also assist in the benefits and socio-economic analysis of blockchain solutions in the Philippines.

However, at the same time, Philippine Senator Grace Poe expressed that local legislators should not rush through financial technology regulations. She explained:

Blockchain is still quite alien to most of our countrymen. In fact, some have already been victimized by using it for online lending. But without proper information and education, many are actually being harmed.

Further Reading

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