Understanding the Blockchain Council and its role in revolutionizing digital innovation in the country

We’ve discussed many aspects of cryptocurrency and NFTs, and it’s been exciting to see all the developments both locally and internationally. And to add to your growing knowledge of the landscape, I thought this week we would talk about the Blockchain Council of the Philippines. They are necessary players in Philippine crypto, and understanding their role may help you further on your journey.

The Blockchain Council is a group of people who have come together to explore and support this exciting technology called blockchain. Blockchain is like a digital ledger that keeps track of information securely and transparently.

The council’s main goal is to create an environment where new businesses using blockchain can grow and succeed. We want to help anyone working with blockchain by providing them with access to resources and any assistance that may need in pushing for the use and adoption of blockchain.

The Blockchain Council of the Philippines was born during the inaugural Philippine Blockchain Week, where its 15 founding board directors were inducted and sworn in by DICT Secretary Ivan Uy. Our vision:  to be the prime mover and the largest organization that drives the adoption of blockchain and Web3 technologies for the Philippines. We will be able to achieve this by staying true to our mission of educating, engaging, and collaborating with the Philippine blockchain ecosystem stakeholders, from the government and Web3 developers, and businesses to civil society, NGOs, and the Filipino people as a whole, to ensure the safe, secure and proper use of Web3 technologies into everyone’s day-to-day lives.

As of this writing, the Blockchain Council is now drafting its membership code and rules, as we plan to accept members from the Web3 community come June. With a bigger membership, we will be able to run our projects and advocacies, from our educational campaigns, to our roundtable discussions with government and business leaders, and to our own Philippine Block Awards.

The main objective of the council is to drive innovation and collaboration in the blockchain space. It seeks to explore the potential applications of blockchain technology in areas such as payments, remittances, and digital identity verification.

In light of its drive for innovation, the council actively advocates for the benefits of blockchain technology and has made moves to educate stakeholders about its capabilities. It intends to raise awareness among businesses, government agencies, and the general public, highlighting the advantages of blockchain in terms of security, efficiency, and transparency.

Of course to sustain blockchain technology in the country, the council aims to develop a supportive policy framework for blockchain adoption, by actively engaging with regulatory bodies. And in collaboration with government agencies the goal is that regulations in place will continually foster the growth of blockchain technology while simultaneously addressing any concerns related to security and compliance.

Also, since one of the blockchain’s main tenets is decentralization, the council emphasizes the importance of collaboration and intends to work closely with banks, financial institutions, technology companies, and other relevant stakeholders. By fostering partnerships, the council aims to facilitate knowledge sharing, research, and development, ultimately driving the adoption of blockchain technology in the banking and finance sector.

Currently, the council comprises banking tech experts and leaders who bring our industry knowledge and experience to guide and support the adoption of blockchain technology. Our collective expertise is expected to contribute to the growth and advancement of blockchain in the Philippines.

To achieve its goals, the council plans to organize events, seminars, and workshops to engage stakeholders and promote the understanding and utilization of blockchain technology. The formation of the Blockchain Council of the Philippines has received support from the government and industry players who acknowledge the transformative potential of blockchain technology across various sectors.

Ultimately, the council seeks to create a conducive environment for blockchain adoption, drive economic growth, and educate stakeholders about the benefits of distributed ledger technology. If you have any ideas or thoughts to help the Blockchain Council, just hit us up on our social media.

Dr. Donald Lim is the founding president of the Blockchain Association of the Philippines and the lead convenor of the Philippine Blockchain Week. He is also the Asian anchor of FintechTV.