Since Filipinos lead in the capability for technological adoption worldwide, Tezos ecosystem’s Asian-based blockchain adoption entity called TZ APAC wanted Pinoy artists and startups to transform their ideas on the blockchain and Web3 industry through non-fungible tokens.

TZ APAC’s head of adoption, Frederick Fung, said this week on the Daily Tribune’s Usapang Business show that their Ecosystem Growth Grant Web3 Incubator wants to help the new generation of Web3 entrepreneurs in the country.

“What we did is that we put together an incubation program where we highly encourage many aspiring entrepreneurs who want to build on top of our blockchain,” Fung said.

He said they want to bring that “Silicon Valley mindset,” also known as the startup mindset, to the entrepreneurs.

Fung said the first thing is that these entrepreneurs would go into a workshop where the TZ APAC’s internal team will teach them how to build a startup and all the necessary skills.

Since the blockchain scene is “ever so changing so quickly,” Fung said TZ APAC have master classes wherein they get industry experts that come into the company and have interactive activities with the entrepreneurs with “a little bit of homework.”

“So they are, they are both (taught) to think in the Web3 (through) the blockchain approach on how to build your startup to become the next unicorn,” Fung said.

The third step, Fung added, is that the entrepreneurs need to go through the pitching clinics since the startups need to project their ideas to the investors.

Once the entrepreneurs become successful with their pitch, Fung said TZ APAC would start giving them a small grant and incentive to continue building on top.

“We provide not only marketing support, PR support, we also give (the entrepreneurs) a lot of strategic and tactical support, like even technical support,” Fung added.

Blockchain’s popularity, potential in Phl

For some Filipino developers and designers of non-fungible tokens, the blockchain has gained much popularity due to its enhanced security, greater transparency, and instant traceability.

Fung noted that financial companies are looking to also come into the blockchain and utilize it to make it a much more seamless process.

“These are something that everyone is looking for as well,” he added.

When asked about the potentials of blockchain in the Philippines and the rest of the Southeast Asian region, Fung said the feature would allow transparency in the transactions made to track where everything goes.

He added that they are working very closely with large artists and entrepreneurs in bringing the blockchain and digital aspect to them.

“So think of it as because it is distributed ledger technology, and it is blockchain. Right? And so we’ve been finding different use cases, to try and fit that in blockchain,” Fung added.

He said they have also been expanding to ticketing memberships since some private member clubs in the Philippines sell transferable memberships.

Fung mentioned that they also wanted the memberships to be transferable on the blockchain to “record (everything) onto the ledger” since it promotes transparency.
“Everybody knows exactly where everything is,” he added.

He added that the voting system can also be done on the blockchain to keep track of the polls.

How blockchain can improve the lives of the people

Fung said that the way people pay for goods and services could change, thanks to blockchain technology.

“We’ve been trying to make the businesses more efficient, it brings down costs, and once we get our cost of bringing down more value goes back to the users and this is applied in (several ways),” Fung explained.

He added there are many different narratives where people can benefit from utilizing the blockchain sometimes through incentivization mechanisms.

Fung said they want blockchain to bring the greatest economic value into the countries they are building into.

He continued by saying that blockchain allows people to transact with businesses and government agencies more quickly and effectively.

Fung added that there is no longer a need to exchange documents because people may keep paperwork on the blockchain and transaction information.

Governments may be able to operate more transparently through blockchain, Fung said.

In addition to offering an unchangeable audit trail for regulatory compliance, contract management, identity management, and citizen services, Fung said secure data shared between citizens and organizations can boost trust.

This content was originally published here.