Originally published on: September 24, 2024
In a groundbreaking move, a Philippine government agency dedicated to advancing science and technology research is equipping young minds with practical knowledge of cryptocurrencies, blockchain technology, and non-fungible tokens (NFTs).
The Department of Science and Technology-Advanced Science and Technology Institute (DOST-ASTI) of the Philippines recently hosted a tech forum on September 20th, aiming to immerse youth in the endless possibilities of blockchain technology.
According to the agency, cutting-edge technologies like artificial intelligence, blockchain, and cybersecurity are revolutionizing the way both public and private institutions operate.
“This forum was designed to inspire young individuals and showcase the limitless potential of blockchain, urging them to explore the realms of science, technology, and innovation as powerful instruments in shaping a brighter and sustainable future,” explained the announcement.
During the event, participating students were introduced to the fundamental concepts of blockchain technology. Senior science research specialist Roxanne S. Aviñante highlighted the industry demand for blockchain expertise, positioning it as a lucrative and emerging field.
Moreover, specialist Marc Jerome T. Tulali delved into NFTs and practical applications of blockchain technology, such as secure voting systems and tamper-proof data storage.
On a more significant scale, the Philippines is actively developing a blockchain-based system called the Self-Sovereign Identity Empowerment: Reinventing Rights and Attributes (SIERRA) to manage intellectual property rights effectively.
In addition to industry-specific applications, students also explored how blockchain technology is revolutionizing various sectors, including gaming, healthcare, government operations, central bank digital currencies (CBDCs), decentralized finance (DeFi), identity verification processes, and physical infrastructure development.
In a bid to embrace digital disruption, the Philippines is also pioneering the exploration of stablecoins at a national level. In May, the country’s central bank, Bangko Sentral ng Pilipinas (BSP), announced controlled trials of a national stablecoin pegged 1:1 to the local peso.
Teaming up with Coins.ph, the Philippines is conducting sandbox testing to evaluate the real-world performance of the PHPC stablecoin and its potential impact on the local financial ecosystem.
CEO Wei Zhou of Coins.ph expressed his optimism, stating, “Our objective is to enhance digital asset trading and streamline remittance processes – an area where the Philippines ranks as the world’s fourth-largest in terms of inflows.”
By empowering the youth with blockchain and NFT education, the Philippines is paving the way for a tech-savvy generation poised to lead the digital transformation and shape a future powered by innovation.
