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A Korean business executive recently said the Philippines has a huge potential to become a global blockchain player because it has the stable manpower and an efficient ecosystem to provide the technology needs of the world market.
Dr. Young Hyun Cho, chairman of Comet Global, told journalists that he will be inviting Korean companies and form partnerships with Filipino companies to develop blockchain-based technologies to the global market. “I know we can bring something here, and together with Philippine companies we can focus on developing global businesses that will need our services,” Young, a longtime resident in the Philippines, said in an interview on the sidelines of the recently concluded week-long Philippine Blockchain Week conference held in Pasay City.
Young said the application of blockchain technology does not also only cover cryptocurrency but also covers smart education, smart city development and goverance.
According to tinyurl.com/5n84x98s, blockchain technology, even though a new technology development and is composed of several underlying technologies and protocols, can be a major driver and asset in development of smart cities. “The concept of Smart Cities represents a utopian urban development that integrates both information and communication technologies to enable citizens, governments and organizations to generate and exchange real-time data. With the growing possibilities of its many applications across a vast number of fields, blockchain technology can create a new level of ease and security for communication and transactions to occur between all the many stakeholders of a Smart City,” the company said.
As far as smart education is concerned, www.elearningindustry.com pointed out that blockchain technology “has the potential to revolutionize the education sector by providing a secure, transparent and tamperproof platform for storing and sharing academic records.” As blockchain adoption continues to grow, it sees blockchain technology introducing innovations in the education sector.
Young said his company is also planning to talk with Korean companies that are interested in hiring Filipinos to work in the technology, agriculture and construction sectors in Korea. “Korea has a graying population and we need more people in the workforce in our industries,” he said.
“I think highly skilled Filipinos can provide a big contribution to the Korean economy with their talent and proficiency in English,” Young added.
Amazon Web Services defines blockchain technology as an advanced database mechanism that permits transparent information sharing within a business network. Furthermore, it is a database that stockpiles data in blocks that are connected together in a chain.
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