MONSOON Blockchain Storage, Inc. has partnered with two government agencies to provide support and consultancy services on how to leverage blockchain technology in various areas of operations.

On Wednesday, the US company signed two separate memoranda of agreement with the Department of Trade and Industry (DTI) and the Department of Information and Communications Technology (DICT).

Monsoon will provide both agencies with complimentary consultation, advice, cost-benefit and socioeconomic analysis on the use of blockchain technology in the Philippines and its impact on trade, regulations, and service delivery.

The company will conduct a needs assessment, and recommend an actionable proposal on how DTI can utilize effectively the blockchain technology on its programs and projects.

The end goal is to implement a government system where transactions and processes can be conducted online with the assurance of transparency and security that blockchain is capable of providing.

The blockchain is a decentralized public ledger where details of all transactions made on nodes or computers are verifiable and cannot be easily tampered with.

With this, the blockchain also offers a viable option to store data amid the massive growth in an age of zettabyte-capable storage creation.

The DTI sees the technology helping the government fulfill its commitment to streamline processes, particularly in business registration, from the national agency down to the municipal level.

“We would like to see how we can maximize this system so it is this partnership we are banking on so we can deliver our services to the people,” Trade Secretary Ramon M. Lopez said in a press briefing in Makati City on Wednesday.

The Trade chief is also looking at how blockchain technology can help small and medium enterprises improve operational efficiency.

Monsoon CEO and co-founder Donald Basile said the company decided to enter the Philippines because of the government’s willingness to adopt the technology.

“The government here has chosen to embrace the fourth industrial revolution. So you want people who want to take that technological leap,” Mr. Basile said in an interview yesterday.

He noted integrating blockchain in major government projects such as the national ID system can lead to the technology’s integration in government projects and programs.

“The (national) ID system will be one of the foundations of blockchain. The creation of that on blockchain I think will be an enabling technology,” Mr. Basile added.

Privacy concerns have been raised over the national ID system, but the government assured that security measures are in place. Monsoon is present in Japan, South Korea and in some parts of Europe. — Janina C. Lim