Blockchain technology in the Philippines: Status, trends, and ways forward

The Fourth Industrial Revolution has prompted firms across the globe to take advantage of the key technologies including blockchain to ensure that their competitive advantage is maintained with respect to their peers in the network. Blockchain technology has been widely used to promote a system that allows digital information to be distributed only to those which information is intended. Aside from that, blockchain technology enables trust, reliability, and transparency, to name a few, to all its users within the network particularly due to the influence of cryptography. The Philippines is currently underway to catching up with the technological changes in order to improve, at least maintain, its status in the global competition. This paper is directed to provide the current state of blockchain technology and its trends in both the global and local context. Moreover, the position of the country with respect to the probable adoption of blockchain technology nationally is also explored.