84 DOST employees complete training on blockchain

By Ma. Cristina Arayata

October 7, 2022, 7:09 pm

<p>(<em>Photo courtesy of Department of Science and Technology</em>)</p>

(Photo courtesy of Department of Science and Technology)

MANILA – A total of 84 personnel of the Department of Science and Technology (DOST) offices from across the country have completed training on blockchain technology.

In a hybrid closing ceremony on Friday, DOST Secretary Renato Solidum Jr. said he was looking forward to seeing how they will maximize the learnings they have gained not only for their personal growth but for the benefit of their offices and the public.

Blockchain technology has been widely used to promote a system that allows digital information to be distributed only to those where information is intended. Thus, it enables trust, reliability and transparency to all its users within the network, he said.

Philippine Council for Industry, Energy and Emerging Technology Research and Development (PCIEERD) executive director Enrico Paringit said that at the start of the training program, participants only knew of blockchain as the technology behind digital currency and cryptocurrency.

"Little did we know that this 'digital ledger' can be applied in other fields such as healthcare, owner and property rights, identity management, and decentralized autonomous organizations. Blockchain has been widely used as a hyper-secure system for financial institutions as it uses a highly advanced encryption method to prevent tampering and unauthorized transactions," Paringit said.

According to Paringit, the legalization of cryptocurrency encourages businesses and investors to invest more in blockchain technology. Further, it encourages the market players to make more efforts to improve their services to be more competitive.

"These efforts made by the companies are expected to make blockchain technology more effective and efficient in the near future," he said.

The global blockchain technology market size was valued at USD5.92 billion in 2021 and is expected to grow at a compound annual growth rate (CAGR) of 85.9 percent from 2022 to 2030, Paringit said, adding that the market growth can be attributed to the increasing venture capital funding in blockchain technology companies.

In the same ceremony, DOST Assistant Secretary Leah Buendia noted that technology is continuously evolving.

"To realize its full benefits, complex and inter-dependent challenges and issues must be addressed such as a well-structured polices and regulatory framework for collective governance, develop the competencies of people and transformation. Public understanding and appreciation of the technology should be promoted," she said.

The training lasted for one month and was held in four batches. (PNA)