Friday, June 14, 2024

Blockchain technology can improve PH elections, says Binance

Blockchain infrastructure provider Binance said blockchain technology can improve the Philippines’ electoral process.

Executives of blockchain firm Binance participate in the country’s first-ever National Election Summit

Binance was recently invited by the Commission on Elections (Comelec) to attend the country’s first-ever National Election Summit in March.

Themed “Working together for modern elections”, it was the first election summit organized by the Comelec that brought together more than 400 attendees across various sectors in the country.

Notable attendees include Pres. Ferdinand Marcos Jr., Vice President Sara Duterte, and Comelec chairman George Garcia.

During the three-day event aimed at discussing the key reforms needed and the importance of collaboration among stakeholders to modernize the Philippines’ electoral processes, Kenneth Stern, GM of Binance in the Philippines, participated in a panel titled “Use of Blockchain Technology in the Automated Election System.”

Stern delved into blockchain technology and its use cases, including how it could potentially improve the transparency, security, and trust in the country’s electoral process.

As a regional blockchain hub with a high digital penetration and adoption rate, the Philippines is home to many Web3 companies and enterprising startups. Its booming digital environment provides an optimal sandbox environment for the development of blockchain solutions and the adoption of the technology into its existing systems.

 “The Philippines has long displayed its readiness to further adopt blockchain technology to enhance the country’s digital capabilities. At Binance, we believe that blockchain technology has the potential to create a significant impact on both social and financial inclusion. Our goals are aligned with the government’s long-term vision to build an open, efficient, effective and globally integrated business environment in the Philippines,” Stern said.

This visit to the National Election Summit reiterates Binance’s ongoing efforts toward collaborating with regulators to build a stable regulatory environment that provides greater protections for everyday users while fostering innovation and progress.

In 2022, Binance partnered with the Philippine-based Cybercrime Investigation and Coordination Center (CICC) under the Department of Information and Communications Technology (DICT) to assist in preventing cybercrime using blockchain forensics.


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