U.S.-based Monsoon Blockchain Storage has closed a deal with the Philippines’ Department of Information and Communications Technology (DICT) to promote the use of blockchain technology in the country, according to a GMA News Online report.

The Memorandum of Agreement (MoA) inked between the two parties will see Monsoon provide consultations, cost-benefit analyses, and socio-economic analyses related to the use of blockchain technology in the Southeast Asian country. 

Blockchain Empowers Cybersecurity and Facilitates Businesses 

Monsoon will consult on how the Philippine government can effectively utilize blockchain technology in its initiatives and projects. In a statement to GMA News, DICT Acting Secretary Eliseo Rio Jr. revealed that the objective of the MoA is to ensure transparency and ease of doing business, while addressing cybersecurity concerns.

“This partnership will directly benefit our continuous effort to address the country’s issues on ease of doing business and cybersecurity,” Rio Jr. said.

Monsoon is said to benefit from the agreement through the department’s release of educational materials raising awareness of blockchain technology, in contribution to the firm’s “capacity-building activities.” 

The Philippines Ready to Tap into Blockchain Tech

Donald Basile, Co-Founder and CEO of Monsoon Blockchain Storage, explained that the firm decided to collaborate with the Philippines government due to its apparent readiness to adopt the cutting-edge technology.

“The government here has chosen to embrace the fourth industrial revolution. So you want people who want to take that technological leap,” Basile said, as quoted by the Business World.

Monsoon Blockchain Storage is a blockchain-focused company that offers object-based storage technology, cloud-based optimization technology, cloud-based policy, machine learning, AI & EI (Artificial Intelligence & Extended Intelligence) capabilities, and a consumer-based video and messaging platform. It is reportedly developing its own Ethereum-based blockchain and native token technology similar to Ripple. 

Source: https://cointelegraph.com

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