DTI, DICT ink partnership with US blockchain firm

MANILA, Philippines — US-based Monsoon Blockchain Storage Inc. has partnered with the Department of Trade and Industry (DTI) and the Department of Information and Communications Technology (DICT) for the use of blockchain technology in facilitating the ease of doing business and addressing cybersecurity issues in the country.

Under its memorandum of agreement with DTI, Monsoon will provide consultation services as well as cost-benefit and socioeconomic analysis on the use of blockchain technology in the country.

The cost-benefit analysis will be focused on the impact of blockchain technology on trade, regulations and service delivery.

Monsoon will also conduct an assessment and make recommendations on how blockchain technology can be integrated and used in DTI’s programs and projects.

The MOA with DICT, meanwhile, involves collaboration efforts in enhancing capacity development and institution building on the effective use of blockchain technology.

Monsoon is a blockchain-based decentralized protocol that aims to construct a worldwide storage and cloud optimization network of users and providers based on their innovative technology.

Asked how blockchain technology could be applied by the government, Lopez said Monsoon could give advice on how such could be used for an online end-to-end business registration system.

The end-to-end business registration involves other agencies which issue clearances, permits, certifications or authorizations including the Securities and Exchange Commission, Bureau of Internal Revenue, Social Security System, as well as local government units.

Apart from exploring the use of blockchain technology to provide ease in doing business in the country, the DTI and Monsoon also agreed to work on advocacy programs to promote blockchain technology and cybersecurity through information dissemination and capacity-building activities. – With Catherine Talavera