Microinsurance Philippines | From pandemic-critical industries like healthcare and logistics, IOV Labs brings blockchain to its latest frontier: Philippine businesses | Information technology services firm IOV Labs announced recently that it will be introducing its RSK smart contract platform to the Philippines. Also launching alongside the RSK platform itself is the RSK Philippines community, which will be active on Facebook and Telegram.
RSK is primed to be a game-changer for Philippine enterprises. As the first open-source smart contract platform, RSK helps businesses decentralize their IT functions and take full advantage of blockchain.
Additionally, RSK is the first smart contract platform secured by the Bitcoin network. By using the Bitcoin ecosystem to enable smart contracts for businesses, the latter will now be able to scale up and process up to 100 transactions per second using the RIF Lumino network, all without sacrificing the benefits of decentralization. Finally, the use of the RSK platform will make it easier for businesses of all varieties and sizes to transact in Bitcoin.
“By using RSK, we bring business logic to the world of Bitcoin and help businesses participate in the future of finance,” said Estelle Reynal, Asia Partner and Adoption Marketing Manager at IOV Labs. “It will be a big step not only for companies that want to streamline their IT operations but also for those that want to start accepting cryptocurrency as a means of payment.”
The introduction of RSK’s solution is timely when considering that a number of businesses around the world are now accepting cryptocurrencies like Bitcoin as payment. German Burger King branches, for example, have begun accepting cryptocurrency through the company’s website and mobile app. Even rideshare companies such as Uber have seriously entertained the idea of accepting cryptocurrencies from its users.
The growing popularity of cryptocurrency can be attributed to the fact that many now see it as an inflation hedge (vs. using fiat currency). Additionally, cryptocurrencies such as Bitcoin, Ethereum, and even Dogecoin have posted stellar gains in 2021, in some cases tripling their value in just a few weeks, despite also having to deal with market volatility.
Blockchain has also become increasingly used in various industries, thanks to its capability to securely store data in a decentralized, accessible manner. In the healthcare industry, blockchain is used to securely and efficiently transfer medical records. In logistics, blockchain has proved crucial in tracking fleets, keeping tabs on inventory in real-time, organizing transport records, and so much more.
“The RSK platform and its use of the blockchain will prove useful for logistics companies, delivery companies, remittance companies, and more,” Reynal explained. “Its ability to help businesses easily scale up while still keeping their data secure will be key for any business that wants sustainable growth.”
The anticipated rise in businesses and organizations looking to take advantage of the power of blockchain and transact in Bitcoin is also why an RSK Philippines community will be set up on both their Facebook page and Telegram group. Through social media, the team behind the RSK platform will be relaying the latest updates regarding the RSK platform, such as upgrades made to the operating system or any events coming up.
“We highly encourage people to join our groups, which can be found on our official website. There will even be an event coming up on September 16, which we use our social media channels to announce,” Reynal said. “People following our Facebook page and Telegram group will not only be the first to hear what’s new with RSK, but they’ll also be the first to receive various airdrops exclusive for our community.”
Overall, the team at IOV Labs looks forward to bringing blockchain to Philippine enterprises and creating a safe, inclusive community through their channels. Having already served millions of users around the world, the Philippines is hopefully next in a long-line of places that have benefited from using the RSK.
ABOUT IOV LABS
IOV Labs believes in developing low-cost, high-quality, easy-to-use platforms for all people, in order to help democratize knowledge and strengthen financial equality.
For example, by leveraging the benefits of Bitcoin, the web’s most secure and reliable financial network, they give everyone the tools needed to create and grow value.
They achieve this with platforms like RSK, the first open-source smart contract platform, which allows businesses to easily scale and secure operations with the use of blockchain technology.
For more information about IOV Labs, visit the official website here: https://www.iovlabs.org/
For more information about the RSK platform, see here: https://www.rsk.co/