Blockchain and cryptocurrencies could help develop smart cities in the Philippines, according to an industry panel.
Amor Maclang, the organizer of digital philippines and the World Fintech Festival, was speaking at the launch of the Digital Pilipinas Innovative Cities initiative.
“Collectively, cryptocurrencies and blockchain have the potential to create a future where physical money is no longer used to meet daily needs,” Maclang said.
Maclang quoted Irish professor and software researcher, Dr Hitesh Tewari, who sees blockchain powering self-driving cars.
Blockchain could allow owners to rent their vehicles without supervision and accept payment in cryptocurrency. The vehicles could even drive themselves.
“Blockchain could store vehicle usage requests and booking information or even create carpools, while people pay for vehicle usage with cryptocurrency,” she said.
Innovative Cities Initiative to modernize one city at a time
In his opening remarks, Maclang said the main goal of the Innovative Cities initiative is to modernize one city at a time.
By linking local government units, universities and the private sector, multiple centers of excellence will be created.
Makati City was selected as the pilot for the program in conjunction with the Resiliency Innovation Sustainability & Entrepreneurship (RISE) program.
The program aims to raise awareness of innovation and technology in the Philippines, strengthen local economies by developing their industries, and focus on the country’s relevance in digitalization and Web 3.0.
“We look forward to creating region-specific solutions for everyone at the city and province level that can connect to a larger national and international ecosystem,” she continued.
“Technology won’t wait for anyone – and the Philippines has left the station. We have to keep track,” Maclang added.
Yani de Guzman, CEO and co-founder of investment holding company RONIN, said the program was created to bring together creative minds and provide them with financial access through funding and mentorship.
“What we hope to do is provide them [startups] financial assistance of P500,000 ($9,500) when they reach certain milestones to ensure that the grant helps them build a sustainable business, develop their structures and form a solid legal basis for their businesses. We’ll show them and let them pitch [their ideas] in front of qualified investors.
Fita Aldaba, from the Ministry of Trade and Industry, underlined the essential role of technology in building a city or a nation, adding that the government sees emerging technologies “as engines to achieve development. sustainable”.
“We can create new products and solutions in the areas of smart building, digital health and automotive technology. Accelerating digital innovation has paved the way for the digital economy in the Philippines, with revenues expected to reach $25 billion by 2025,” she added.
Abigail Binay, Mayor of Makati City, noted that the startup route is the best way to explore opportunities.
“I hope the Philippines will rise higher on the global economic stage. We believe we can enable the startup ecosystem to help businesses thrive and get a head start,” she said. declared.
Smart city developers using blockchain technologies
According to Maclang, smart city developers around the world are already using new technologies like the Internet of Things or IoT.
Data collected using cloud-based infrastructure by a smart city could be stored through a blockchain system to ensure security and privacy, she said, adding that blockchain’s potential for improving the quality of life in cities is endless.
“Smart cities could use blockchain technology for identification and help with voter registration, proof of citizenship, tax information, as well as security and fraud measures. Technology could eliminate paperwork and enable smart cities to reduce waste and pollution,” Maclang said.
Blockchain could also play a vital role in general repairs, road maintenance, home utilities, and healthcare services. In all of these uses, smart cities could use cryptocurrencies as a mode of exchange or payment.
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