The biggest hurdle toward the mass adoption of blockchain is not the capacity of nations to embrace the nascent technology but the speculation surrounding it.
Over the years, experts in the tech industry have reiterated how blockchain could be a game-changer in the global industry, along with proofs to cement this. But Bitcoin, the digital currency built using the technology, has been corrupted by individuals acting on their own initiatives, which resulted in skepticism among potential users.
And although the original protocol was saved, thanks to the efforts of individuals who greatly fought for Satoshi Nakamoto’s vision, speculation in the industry remains.
BSV Blockchain Association Director of Education Evan Freeman told CoinGeek Backstage that now is the time to veer off from speculation and focus on building applications that will solve real issues in society.
“I think it’s time for that now, more than just, you know, speculative gambling stage,” Freeman said on the sidelines of the Philippine Blockchain Week.
While blockchain has been around for over a decade now, it was only recently that the Philippines made strides to explore and promote this technology. But since everything is fairly new to the country, Freeman said the BSV Blockchain Association had devised a plan to help Filipinos know more about blockchain and Bitcoin and their use cases under the BSV Academy innovation program, operating in partnership with enterprises from the BSV community.
The association is looking to discuss this scheme with the Philippine government, academia, and relevant industries in hopes of promoting blockchain and Bitcoin education to a wider market, supporting the nation’s plan to become a blockchain hub.
“I think, really, the Philippines has the potential to become a blockchain mecca for the world, particularly when it comes to Bitcoin SV enabling micropayments, very low fee transactions—everything necessary for a population that has the human potential to really build and achieve great things but are still somewhat impoverished,” Freeman noted.
“So, I think, in many ways, BSV will be the enabler for a future with blockchain in the Philippines,” he added.
Want to learn more about the fundamentals of blockchain technology? Check out the BSV Blockchain Resources page where you can download useful ebooks—from unleashing the value of extreme scale data to understanding the potential of the Metaverse, among the many topics—for free.
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New to Bitcoin? Check out CoinGeek’s Bitcoin for Beginners section, the ultimate resource guide to learn more about Bitcoin—as originally envisioned by Satoshi Nakamoto—and blockchain.