The Department of Trade and Industry (DTI) and Monsoon Blockchain Storage Inc., a U.S.-based company that provides blockchain-based cloud data storage optimization service, signed a Memorandum of Agreement (MOA) recently that will enhance capacity building and institutional development on the effective use of blockchain technology in the Philippines.
The partnership, signed by Trade Secretary Ramon Lopez and Monsoon Blockchain Storage Inc. Chief Executive Officer Dr. Donald Basile, aims to promote the use of blockchain in facilitating ease of doing business and addressing cybersecurity issues in the country.
“President Rodrigo Duterte’s administration is committed to seek for more ways in facilitating ease of doing business in the country, to encourage more investors as well as micro entrepreneurs to grow and expand, and become our partners in providing more jobs and opportunities to all Filipinos. Through this partnership, the government will be more equipped with information on the potentials and impact of blockchain technology in doing business in the Philippines,” said Lopez.
“The Duterte administration is committed to seek for more ways in facilitating ease of doing business in the country.”
Monsoon will provide DTI with complimentary consultation, advice, cost-benefit and socio-economic analysis on the use of blockchain technology in the country and its impact on trade, regulations, and service delivery.
Likewise, 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. DTI will also assign and delegate a team of experts to work with Monsoon in relation to the partnership.
Both parties have also agreed to support the advocacy programs on promotion of blockchain technology and cybersecurity through information dissemination and capacity-building activities.
“The Philippines is ready to address cybersecurity issues.”
“We also want to ensure partners, investors, and our MSMEs that the Philippines is ready to address cybersecurity issues and we can keep up with the fast-paced international digital trends. That’s why we partner with industry experts who already made their mark in blockchain technology to help us in this area,” the trade chief added.