At the Global Blockchain Summit held in Bataan, Brendan Lee, the founder of Elas Digital, discussed the possibility of creating the first national ledger for the Philippines using the Bitcoin blockchain.
During a backstage conversation with CoinGeek’s representative, Claire Celdran, Lee expressed his excitement about the potential for blockchain technology to revolutionize various industries in the Philippines and improve government services by modernizing the country’s outdated, paper-based administration system.
He said:
“It’s been a terrific opportunity to put forward the idea that this is not about creating and selling tokens in the marketplace but finding ways to improve government services and to reduce the friction that comes from an antiquated paper-based administration system that’s been in use throughout a lot of the Philippines,”
He gave the example of using a ledger to document and track pothole repairs, where citizens can report and record issues on the blockchain, and local contractors can bid to fix them. Lee believes that once local projects like this can be implemented on the blockchain, it won’t be long before the government starts using these platforms on a larger scale.
He stated:
“We can get to a point where we can establish a Bataan-wide regional ledger on the blockchain….This means that everything that we build locally stays local and keeps operating in the same way locally, but it’s now tied into the national system. Any national ID, digital cash, and CBDC (Central Bank Digital Currency) that gets issued will be usable within all those systems throughout that national ledger. We can start by fixing potholes, and we can change the future of a nation.”
The Philippines has shown a strong interest in digital assets and cryptocurrencies and is working to incorporate this technology into all sectors of its economy, as seen in its ranking of 12th out of 26 countries in the Finder’s crypto adoption report for November 2022.
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