The Department of Information and Communications Technology (DICT) and the Department of Trade and Industry (DTI) have linked up with a US-based technology firm to join its blockchain platform.
The two agencies forged their partnerships with Monsoon Blockchain Storage through the signing of a memorandum of agreement on Wednesday, June 19.
Led by its Stanford-educated chief executive officer, Donald Basile, Monsoon operates a blockchain-based decentralized protocol that aims to construct a worldwide storage and cloud optimization network of users and providers.
The trade department said the deal enhances capacity building and institutional development on the effective use of blockchain technology in the Philippines.
Under the arrangement, Monsoon will provide the DTI and DICT with complimentary consultation, advice, cost-benefit and socio-economic analysis on the use of blockchain technology in the Philippines and its impact on trade, regulations, and service delivery.
Likewise, the company will conduct a needs assessment and recommend an actionable proposal on how DTI and DICT can utilize effectively the blockchain technology on its programs and projects. Both the DTI and DICT will also assign and delegate a team of experts to work with Monsoon in relation to the partnership.
“We also want to ensure partners, investors, and our MSMEs that the Philippines is ready to address cybersecurity issues and we can keep up with the fast-paced international digital trends. That’s why we partner with industry experts who already made their mark in blockchain technology to help us in this area,” Lopez said.