PH set to become Asia’s blockchain capital?

MANILA  -A private sector group sees the Philippines becoming the blockchain capital of Asia as early as 2028 given the increasing adoption of the modern technology in various fields, including art.

Donald Lim, president of Blockchain Council of the Philippines (BCP), told reporters at an event in Pasay on Thursday that supporting the startup ecosystem by matching enterprises with venture capitalists could drive further blockchain use in the country.

Blockchain is a highly advanced ledger that stores and secures data in the digital highway. “We know that because it is an underlying technology, it will soon be utilized by all sectors,” he said.

READ: Blockchain in banking, finance cued for surge

Thus, in five to seven years, Lim said the Philippines could be the primary blockchain hub in the continent.

He noted blockchain use has been rising in popularity due to nonfungible tokens (NFTs), which are unique digital assets that could be bought as investments and be traded later on via an exchange platform. A blockchain is a medium that backs NFTs.

READ: Digital art, gaming making NFTs appealing to Filipinos

Apart from art pieces, Lim said that NFT execution is also being adopted in the fashion industry. Blockchain company TZ APAC previously said digital art and blockchain-based games were expected to drive primarily the adoption of NFTs in the country.

Digital tokens are also collected in play-to-earn games, such as Axie Infinity. These tokens carry value and can be monetized.

This Sept. 19 to 21, BCP will be spearheading the Philippine Blockchain Week where over 150 local and global experts will provide insights about the tech.