PHL elections may benefit from blockchain technology – expert

Blockchain technology has the potential to improve the transparency, security, and credibility of the Philippines’ electoral process, according to an expert.

“The Philippines has long displayed its readiness to further adopt blockchain technology to enhance the country’s digital capabilities,” said Binance Philippines General Manager Kenneth Stern.

Blockchain is a technology that enables the secure sharing of information through a distributed database. All participants of a network can update the database, and all updates are available to everyone in the network at the same time.

“At Binance, we believe that blockchain technology has the potential to create a significant impact on both social and financial inclusion,” he said at the recent National Election Summit.

Binance said it collaborates with regulators to build a stable environment that fosters innovation and progress.

In 2022, the company partnered with the Cybercrime Investigation and Coordination Center under the Department of Information and Communications Technology to assist in preventing cybercrime using blockchain forensics.

“Our goals are aligned with the government’s long term vision to build an open, efficient, effective, and globally integrated business environment in the Philippines,” Mr. Stern said.

On Tuesday, Secretary Ivan John E. Uy of the Department of Information and Communications Technology said his department was looking into potential applications for blockchain technology in government, particularly in the areas of registry and online voting.

The Philippines is home to Web3 (the next iteration of the Internet, upon which blockchain is an essential component) companies including education platform Proof of Learn and fintech player Tetrix. — Patricia B. Mirasol