NEGROS OCCIDENTAL (PIA) – An information technology expert said the blockchain technology is revolutionizing data storage and is changing the way business companies and organizations are managed.
“In its simplistic sense, it is just a decentralized ledger entry. The entry is called a block and all other transactions become another block that forms a chain,” said Blockchain Council of the Philippines president Donald Lim.
“Instead of saving it in just one computer, it is saved in many computers,” he added.
According to Lim, what makes blockchain powerful is that it is not a central authority because everybody else has a copy of the data, and if someone wants to change it, he or she has to go to all the Central Processing Units.
During the two-day ‘Vortex: Spiralling Into The Future Of Blockchain and Gaming, activity last August 23 and 24 at Ayala Malls Capitol Central, he said Google lists 50 use cases of blockchain from documentation, hospitals, foundations, and energy, among others but it is in the supply chain that it was widely used.
For example, a supermarket sells tomatoes with a QR code containing basic information about the item and tells where it came from, Lim noted.
Entries in the blockchain cannot be forged so the technology can be applied to voting results, land titles, and other vital documents. It is immutable and anonymous, he stressed.
Lim said Albay 2nd District Representative Joey Salceda had filed a law in Congress-House Bill 7864 or the ‘Blockchain Technology Development Act’ in 2020.
“We are very proud that our country is at the forefront of the blockchain and is not lagging behind in pushing (the technology) like the Central Bank and other government offices,” he said. (AAL/Lljr/ PIA6 Negros Occidental)
