Phillippines Department of Trade and Industry Ink MOU with American Blockchain Firm
The Philippines’ Department of Trade and Industry (DTI), has signed a memorandum of understanding (MOU) with Monsoon Blockchain Storage Inc., a U.S.-based firm that specializes in cloud data storage optimization.
The two are aiming at enhancing capacity building and institutional development on the effective use of the distributed ledger technology (DLT) technology in the country, according to a press release on June 19, 2019.
Promoting Frictionless Blockchain Integration
At a time when forward-thinking economies across the globe are actively exploring the capabilities of DLT, the government of the Philippines is doing its best not to be left out of the revolution.
As stated in its press release, the DTI alliance with Monsoon Blockchain Storage Inc. is focused on making it easier for local businesses to adopt and integrate the burgeoning the technology into their operations and mitigating cybersecurity challenges in the region.
DTI Secretary, Ramon Lopez, said:
“President Rodrigo Duterte’s administration is committed to seeking 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 opportunity to Filipinos.’’
Reportedly, the partnership will see Monsoon providing DTI with complimentary consultation as well as cost-benefit and socio-economic analysis of DLT in the country.
Monsoon will also conduct a “needs assessment” and recommend an action plan that would enable DTI to integrate blockchain technology into its existing programs and projects.
DTI has pledged to delegate some of its DLT experts to work with Monsoon to make its cybercrime elimination dream a reality.
Expressing his shared optimism on the eradication of cybercrime in the country, Lopez noted that:
“We also want to assure partners, investors and our MSME’s that the Philippines is ready to address the cybersecurity issues and we can keep up with the fast-paced international digital trends.’’
Cybersecurity remains one of the hottest topics in the cryptospace at the moment. BTCManager reported in March 2019 that cybersecurity startup PolySwarm malware detection marketplace created a platform where antivirus companies and cybersecurity experts compete and receive rewards for detecting cyberthreats.