- The Philippines has shown tremendous support for the emerging technologies of blockchain and IPv6.
- nChain, an R&D firm focused on BSV, has set up its Black Dojo Philippines incubator in the country.
Today, people can not imagine living their lives without the Internet. Even the cavemen now access Google Maps when they lose their paths in the woods. However, this technology was not considered pleasing and was even criticised saying, the bubble will soon burst.
Blockchain technology has similar potential but has not been realised by people yet. Although the technology has seen massive adoption in the past few decades with the launch of nearly a thousand blockchain networks and cryptocurrencies in the market. Bitcoin, the face of blockchain, has become valuable in subsequent years and hints at the promise of the technology.
However, it has failed to enter the mainstream market and is limited to a few enthusiasts and others who have a strong risk appetite. The major reasons can be the inherent volatility, lack of awareness, and threats of cybersecurity.
The nChain Taking The Lead
The Switzerland-based firm has allocated its resources to the research and development of Bitcoin SV (BSV) and works on making the BSV network adopted globally. The company is determined to push the world from successful Web2 to Web3, where the dream of decentralised networks and digital asset-based economies will be realised.
BSV or Bitcoin Satoshi Vision was the result of a hard fork in the Bitcoin Cash Network (BCH), which itself was founded after a hard fork in the original Bitcoin chain (BTC). BSV aims to continue on the path initially laid by Satoshi Nakamoto.
nChain is the primary blockchain company that has provided a BSV Infrastructure Team for the development of the network and other software upgrades. Their work has resulted in the network being able to process tens of thousands of requests per second with low gas fees. It is also working to enable other advanced features of smart contracts and tokens.
nChain and Philippines
Ferdinand Bongbong Marcos Jr. serves as the President of the Philippines and has opened gates for emerging technologies like Blockchain and IPv6 (Internet Protocol Version 6) to boost the country’s economy. The country has already established itself as the global leader in adopting blockchain technology.
IPv6 has already set foot in the country, with more than 70% of the digital infrastructure of the Philippine government running on it. The IPv4, which is the most common protocol present, is limited by security and efficiency. IPv6 aims to eliminate these and elevate the user experience from that of economy class to business class.
The BSV network will be best compatible with IPv6 because of their similar packet header structures.
The company’s major investment in the Pearl of the Orient Seas is the incubator that goes by Black Dojo Philippines in the region of Bataan. It already has a bright history of being an innovative and successful blockchain incubator in the UK and it is working to do the same in the Philippines.Â
The incubator will be responsible for empowering startups, talents, and enterprises and providing them with the necessary guidance and tools to succeed. It aims to sow the seeds of blockchain in the young generation, water them with skills, awareness, and training. Finally, harness the native talents and turn them into entrepreneurs leading the future of their country.
Conclusion
Countries are realising the capability of blockchain technology and taking steps to not be left behind in the future and fly along with others. The Philippines have realised early on that their support for the vision of nChain will have profound impacts in shaping the tech profile of the country and naturally, their economy.
