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Tech start-up hopes PHL becomes ‘haven’ for blockchain, cryptocurrency

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TECHNOLOGY start-up Appsolutely, Inc. is bullish on the prospects of more companies and consumers in the Philippines embracing blockchain technology.

The company, which offers loyalty solutions via blockchain to businesses and enterprises, is hoping that more people will be aware of the uses and benefits of applying blockchain technology in their businesses.

CEO Patrick Palacios said that while blockchain is yet to go mainstream in the Philippines, the company is hopeful that the take-up would improve in the coming years.

“In the Philippines we’re a little delayed compared to, let’s say Japan, or South Korea… it might take a couple of years,” Mr. Palacios said in a media roundtable on April 25.

He added that there is a host of misconceptions about blockchain which make some businesses and consumers wary, but assured that their business is compliant with regulations.

“There is fear, uncertainty, and doubt because of some bad players,” he said.

“We’re in this for the long haul, not just let’s say, two years,” he added.

The company is set to host a blockchain conference next month in Cebu to gather blockchain companies and experts.

COO Paolo Bediones said that the conference will be for closing deals and funding of some ICOs (initial coin offering).

He said he hopes the conference will serve as a catalyst for a good environment for blockchain.

“Our dream is that the Philippines becomes a haven for blockchain. We are expecting that in the next few months the Philippines will become a favorable environment for blockchain and cryptocurrency but for other entities to come in.”

Appsolutely offers loyalty program solutions. LoyalCoin enables brands to give customers rewards. — Patrizia Paola C. Marcelo