Seeing the growing influence of blockchain technology across the globe, the Department of Information and Communications Technology (DICT) inked a partnership with US-based blockchain company, Monsoon.
Signing the Memorandum of Agreement (MOA) were DICT Acting Secretary Eliseo M. Rio Jr. and Monsoon CEO Dr. Donald Basile.
In a press release published on the department’s website, DICT Acting Secretary Rio said that this collaboration will help the country better understand blockchain technology and how to put it to practical use.
“This partnership will directly benefit our continuous effort to address the country’s issues on ease of doing business and cybersecurity, ” Acting Secretary Rio said.
Monsoon, on one hand, is expected to provide support for DICT by providing a socio-economic and cost-benefit analysis of blockchain technology with the country’s ICT situation as context as well as offer complimentary consultation should the department need it.
DICT, on the other, is in charge of educating the public about blockchain technology through information dissemination and capacity building activities.
Monsoon, a decentralized storage network that is powered by blockchain technology, has helped build some notable storage companies and clouds infrastructures. Among their clients are Facebook, Apple iCloud, Alibaba, Amazon, and IBM.
The company is reportedly creating a Ripple-like blockchain that will run on Ethereum. It currently touts its own digital currency, the Monsoon Coin token, which is traded via an Ethereum-based smart contract.
DICT, meanwhile, is tasked to develop and promote the ICT capabilities of the Philippines. Its responsibilities revolve around policy and planning; improving public access to information and technology; resource-sharing and capacity building; consumer protection and industry development; cybersecurity and program coordination; and ICT countryside development.