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The Philippines has made global headlines for years for adopting blockchain technology. However, most of this came from the gaming sector, but it’s now time for the technology to venture beyond gaming and solve other “really big problems,” says Jaymes Nicholas Shrimski.
Shrimski is the chief of staff at AHG Lab, a venture studio in Metro Manila. The company goes beyond just writing cheques and offers its startups the tools they need to focus on their product, from operations to finances and marketing.
AHG Lab has yet to invest in a blockchain startup. According to Shrimski, this is mainly due to the lack of exposure to the sector.
“This is why I’m so interested in events like tonight with the Block Dojo,” he told CoinGeek Backstage host Claire Celdran during the Block Dojo Investors Night.
The inaugural cohort of Block Dojo Philippines contained three startups—FleetHive, APDXS, and RealFlip.
Shrimski found RealFlip the most appealing idea. The startup, founded by Jaimee Ligan, integrates blockchain to offer immutable and transparent ownership and an efficient and foolproof escrow system.
“Anything with regard to property technology resonates because I see where it fits into businesses that we’ve been involved in. That was very interesting for me,” he noted.
Shrimski believes that the Philippines has the proper foundation to be a dominant force in blockchain and other emerging technologies.
“I think that all the macroeconomic pieces are there. We have the second-largest population in Southeast Asia…in terms of tech adoption, we have incredible percentages,” he stated.
The Philippines is one of the five fastest-growing economies in Asia, with its digital economy playing a crucial role in this growth. It boasts a young, tech-savvy population, with smartphone penetration at 80% and expected to hit 97% in three years.
This makes it an ideal market for blockchain adoption, and with the fast rise of play-to-earn gaming, it has proven a worthy contender for global blockchain powerhouse.
However, according to Shrimski, blockchain must venture beyond gaming and impact the sectors that need it most. These include issuing and verifying land titles, digital identity, and financial inclusion.
Watch: Block Dojo Philippines cohort 1 founders pitch their ventures at Investors Night