A Philippine government agency focused on science and technology research and development is giving young people hands-on experience with cryptocurrencies, blockchain technology, and non-fungible tokens (NFTs).
The Department of Science and Technology-Advanced Science and Technology Institute (DOST-ASTI) of the Philippines conducted a tech forum on Sept. 20 to engage youngsters in exploring the potential of blockchain technology.
According to the agency, next-generation technologies, such as artificial intelligence, blockchain and cybersecurity, are reshaping public and private institutions’ operations.
Showcasing blockchain varied use cases
“This forum aimed to ignite young minds with the potential of blockchain, encouraging them to explore science, technology, and innovation as powerful tools to create a better and sustainable future,” the announcement explained.
Blockchain for Youth Innovators event in the Philippines. Source:Facebook (via Archers Network)
Participating students were initially introduced to the basics of blockchain technology. DOST-ASTI senior science research specialist Roxanne S. Aviñante positioned blockchain as an emerging tech with high job demand.
Decentralized AI and blockchain can drive the evolution of Web3 by enabling personalized digital experiences, enhanced data ownership and privacy-centric solutions.
“To achieve mass adoption in Web3, we need to provide users with an experience that rivals what they’re used to in Web2. Platforms like Spotify and YouTube excel at instantly matching users with relevant content. This level of personalization is essential for a seamless Web3 experience,” said Han Jin, CEO and co-founder ofBluwhale, during Cointelegraph’s recent X Spaces session.
This fundamental shift toward user-centric experiences is where Bluwhale’s unique value proposition comes into play. Bluwhale offers a decentralized artificial intelligence personalization protocol that matches users with businesses based on contextual understanding. “We’re essentially the Tinder of Web3,” Jin quipped, “because we help enterprises identify their ideal users and connect them with those individuals.”
Empowering users through data ownership
The platform gives users control over their data. Users canconnect their wallets, claim their blockchain profile, attach social profiles and provide additional information. What sets this apart from traditional platforms is the ability for users to monetize their data.
Companies interested in a specific type of user can access profiles. As demand for a particular user’s data grows, Bluwhale introduces a mechanism that makes it more expensive for others to access.
Another DOST-ASTI specialist, Marc Jerome T. Tulali, explained NFTs and real-world use cases of blockchain, such as voting and immutable information storage.
He further revealed that the Philippines is developing a blockchain-based system for managing intellectual property called the Self-Sovereign Identity Empowerment: Reinventing Rights and Attributes (SIERRA).
The Philippines students also learned how blockchain is implemented in various other business verticals, including gaming and entertainment, healthcare, government and public sector, central bank digital currencies (CBDC), decentralized finance (DeFi), identity, and physical infrastructure.
In addition to preparing its youth for blockchain-driven tech disruption, the Philippines has started exploring stablecoins on a federal level.
Creating a national stablecoin
In May, the Philippines’ central bank, Bangko Sentral ng Pilipinas (BSP), announced the start ofcontrolled trials of a national stablecoinpegged 1:1 to the local peso.
Source:Coins.ph
The country partnered with Coins.ph to maintain cash reserves in pesos equivalent to the circulating supply of the PHPC stablecoin within the sandbox environment.
The sandbox testing is geared toward testing the real-world performance of the PHPC stablecoin and its impact on the local fiat ecosystem.
“Our goal is to ensure PHPC enhances digital asset trading and improves remittances — a sector where the Philippines is the world’s fourth largest in inflows,” Coins.ph CEO Wei Zhou told Cointelegraph in an interview.
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