A Filipino tech startup is proposing to the government the adoption of blockchain technology to enhance data storage security.
In recent interviews, Tetrix Network CEO and co-founder Emman Navalan showed his support for blockchain technology, which powers cryptocurrencies and nonfungible tokens, as it could be used to protect data collected by the government such as personal information used in the PhilSyS National ID.
Navalan also praised the technology for its better transparency benefits, as its mechanism could enable authorities to easily track transactions and identify the parties involved in data transfers.
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He further explained that the distributed nature of blockchain also means that it has no single point of failure, and therefore the entire system would no longer need to be shut down and stop its operation.
On the other hand, Navalan said that integrating blockchain technology in government systems would come with a significant initial cost. He also cited lack of education and awareness as challenges to the adoption of the technology.
Tetrix launched its cryptocurrency wallet Pitaka earlier this year.
Amid controversies, cryptocurrencies and blockchain technology are gaining ground in the Philippines, with universities launching educational courses and financial institutions introducing crypto services.
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