U.S.-based Monsoon Blockchain Storage has closed a deal with the Philippines’ Department of Information and Communications Technology (DICT) to promote the use of blockchain technology in the country, according to a GMA News Online report.

The Memorandum of Agreement (MoA) inked between the two parties will see Monsoon provide consultations, cost-benefit analyses, and socio-economic analyses related to the use of blockchain technology in the Southeast Asian country.

Blockchain Empowers Cybersecurity and Facilitates Businesses

Monsoon will consult on how the Philippine government can effectively utilize blockchain technology in its initiatives and projects. In a statement to GMA News, DICT Acting Secretary Eliseo Rio Jr. revealed that the objective of the MoA is to ensure transparency and ease of doing business, while addressing cybersecurity concerns.