The Philippines has been making global headlines for years due to its adoption of blockchain technology. However, most of this came from the gaming sector, but now is the time for the technology to move beyond gaming and solve other “really big problems,” says Jaymes Nicholas Shrimski.
Shrimski is chief of staff at AHG Lab, a venture studio in Metro Manila. The company goes beyond just writing checks and provides its startups with the tools they need to focus on their product, from operations to finance 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 first cohort of Block Dojo Philippines consisted of three startups: FleetHive, APDXS and RealFlip.
Shrimski thought RealFlip was the most attractive idea. Founded by Jaimee Ligan, the startup integrates blockchain to provide immutable and transparent ownership and an efficient and flawless escrow system.
“Anything related to real estate technology resonates because I see where it fits in the companies we’ve been involved with. That was very interesting to me,” he noted.
Shrimski believes that the Philippines has the right foundation to be a dominant force in blockchain and other emerging technologies.
“I think all the macroeconomic pieces are there. We have the second largest population in Southeast Asia… in terms of technology adoption, we have incredible rates,” he stated.
The Philippines is one of the five fastest growing economies in Asia, with the digital economy playing a crucial role in this growth. It boasts a young, tech-savvy population, with a smartphone penetration of 80% and expected to reach 97% within three years.
This makes it an ideal market for blockchain adoption, and with the rapid rise of play-to-earn gaming, it has proven to be a worthy candidate for the global blockchain powerhouse.
However, according to Shrimski, blockchain should go 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