Blockchain will bring profound social impact to the Philippines: nChain’s Stefan Matthews

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Data ownership through blockchain technology will bring profound social impact to the Philippines over the next decade, believes nChain Executive Chairman Stefan Matthews.

In an interview with CoinGeek Backstage reporter Claire Celdran, Matthews talked about blockchain and IPv6 adoption in the Philippines and its benefits to the country.

The onset of Web3 is led by blockchain-powered data ownership in which users have complete control of the data they generate. It departs from the Web2 model in which major tech corporations own and monetize their users’ data. This model relies on data silos that aren’t interoperable; a Facebook user can’t export their data to Snapchat, for instance.

“The world of Web3 flips that on its head through blockchain technology, where we have identity and data management. [Users] can decide who has access to what parts of their identity and data and for what purposes.”

The Philippines has been a global leader in adopting blockchain technology and Web3. President Ferdinand Bongbong Marcos Jr. has been pushing the country to adopt emerging technology, including blockchain, to spur the country’s economy. Provincial governments have also made significant strides, with Bataan emerging as a trailblazer in the field.

“[The Philippines] is going to go through a significant period over the next decade of massive change. This change delivers the opportunity to make a profound social impact,” Matthews says. “It’s a pretty exciting time to live through.”

A seasoned tech industry veteran, Matthews parallels the rise of the internet and blockchain technologies. Initially dismissed as a fad, the internet has become ubiquitous globally.

“I see history repeating itself.”

IPv6 and blockchain—the Philippines leads the way

Blockchain has yet to hit the heights of global adoption. Matthews believes this is because most people don’t realize how transformative the technology is.

“When they see the benefits emerging and the difference it makes, they’ll pick it up pretty quickly.”

Data monetization will be the property that draws in the masses, “and that’s on the doorstep,” he added.

The Philippines is also pioneering the adoption of IPv6, Matthews says. This internet protocol eliminates the IP address limit of IPv4 and enhances security and efficiency. Dr. Craig Wright has been pushing for the adoption of IPv6 and its integration with Bitcoin for over a decade and was inducted into the IPv6 Hall of Fame last December.

As Matthews revealed, 70% of government infrastructure in the Philippines is IPv6-enabled.

As the nChain chairman, Matthews pledged to keep pushing the adoption of the BSV blockchain in the Philippines. The first step is through educating those at the grassroots, he says.

One of nChain’s key projects in the country is the Block Dojo Philippines which is launching in Bataan. Through the incubator, the London company aims to empower startups and innovators with tools and skills for success, including training, upskilling, and access to mentorship and funding.

Watch: nChain will digitalize government services in the Philippines