Blockchain has been around for a decade and still, many Filipinos need catching up when it comes to understanding and having more knowledge about this innovation.
It is a growing list of records, called blocks, which are linked using cryptography. Each block contains a cryptographic hash of the previous block, a timestamp, and transaction data. Blockchain was invented by a person (or group of people) using the name Satoshi Nakamoto in 2008 to serve as the public transaction ledger of the cryptocurrency bitcoin.
Short knowledge on blockchain can be attributed with limited trainers and courses that can teach an individual or group the essence of this innovation and technological advancement.
Blockchain and distributed ledger technologies (DTL) are being adapted into new and legacy businesses in most industries. Recognized for its ability to drive productivity, these emerging technologies address duplication, record keeping and international payment inefficiencies in today’s financial sector as well as providing better automation, traceability and transparency.
There has been immense growth in interest of the applications of blockchain and DTL in the recent years as future-thinking enterprise and governments had already started taking advantage of blockchain technology. However, industry research shows a lack of skilled people in this field.
“There are lots of people who understood coding on the blockchain but when it came to actual strategic thinking on how to apply blockchain to business, that is when there’s a massive gap in the market,” said Austin Lewinsmith, co-founder of Blockchain Collective. “Currently, there are lots of universities that were doing blockchain short courses but without any certifications.”
Blockchain Collective, Australia’s first and only Government Accredited Advanced Diploma of Applied Blockchain, is a leading blockchain education body empowering enterprise, educators and students for a future in blockchain and distributed ledger technologies. Servicing the growing demand for qualified and skilled people in the application of blockchain worldwide, its education is designed to equip graduates with the knowledge and experience to apply blockchain frameworks into business.
“The new course has been developed to ensure that this emerging industry has enterprise ready graduates with the knowledge and experience to apply blockchain frameworks in existing and new businesses,” said Lewinsmith.
According to Dr. Jackqui Moreno, Vice Dean-Accountancy & Business of the College of Arts and Sciences, San Beda University, the accountancy profession has evolved so much for the past years. And since the Board of Accountancy already included it in the course outline of the CPA Licensure Examinations that it becomes more prominent to the academe to bring to the students what the industries really demand from the graduates.
“We like to make sure that the students understand in the accountant’s perspective what blockchain is all about, because if you are not transparent about the transaction then many people will be losing trust in the transaction processing. And understanding this really will help our students become future professionals who really understand how technology affects corporate governance, and how it will also be affecting the business community,” she explained.
“We are passionate about offering emerging technology education to our students and are pleased to be the first delivery partner of Blockchain Collective in the Philippines,” said Dr. Moreno.
Which is why, last May 2-3, the first-ever Blockchain Accounting Workshop by the Blockchain Collective was held at the San Beda University in Manila. The said seminar was designed to prepare 200 Accounting and Finance students with a sound foundation of blockchain knowledge to confidently sit the CPA exam. Training combines a theory, practical and a demonstrative approach.
The two-day intensive workshop delivered practical and relevant skills, knowledge and examples of Blockchain’s uses, benefits and limitations as it relates to accounting and the financial sector. It guided the students through the process of understanding Blockchain’s history, evolution, terminologies, current place in the market and its potential to disrupt many industry sectors. Seminar attendees were also given the opportunity to navigate a blockchain explorer.
Included for the seminar are lifetime access to Learning Management System and resources (via online portal), seminar kits, online examination and Certificate of Attendance that is recognized globally.
In conclusion, Joseph Chua, President of Blockchain Collective-Philippines, said that the company aims to solidify the Philippines as the leading hub for talented and employable graduates in Blockchain.