It's cool and all that UnionBank is trying new things, I still don't get why they needed to use "blockchain". Platforms like GCash and PayMaya works fine for people without bank accounts as well, without using "blockchain". But idk, time will tell if this is a good move or not.
Sabi sa balita, they used distributed ledger, it does not necessary means na blockchain tech. talaga ang ginamit nila though ang blockchain is one kind of distributed ledger. Possibly another form of distributed ledger ang gamit nila at hindi blockchain tech, na mixed up lang siguro nila or there is some misconception on the part nung speaker.
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The Bureau of Treasury decided to enable the app with distributed ledger technology in order to reduce time and costs during the manual verification and settlement processes. Through the use of DLT, the Bureau also wanted to ensure a feasible, secure and economically viable bond distribution process.
Pagdating naman sa mode of payment, wall naming sinabing tumatanggap sila ng cryptocurrency as payment kung Hindi the usual na online payment katulad ng sinabi mo.
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The application will allow national citizens to easily invest in retail treasury bonds for as little as 5,000 Philippine pesos (~$100). App users will be able to make instant payments using internet payment services such as InstaPay, GCash and Paymaya. They can also pay through internet banking or over-the-counter payment through their UnionBank accounts.
An interesting article here describing about the difference ng blockchain tech at distributed ledger tech.
How Are Blockchain And Distributed Ledger Different?
The most important difference to remember is that blockchain is just one type of distributed ledger. Although blockchain is a sequence of blocks, distributed ledgers do not require such a chain. Furthermore, distributed ledgers do not need proof of work and offer – theoretically – better scaling options.
Removing the intermediary party from the equation is what makes the concept of distributed ledger technology so appealing. Unlike blockchain, a distributed ledger does not necessarily need to have a data structure in blocks. A distributed ledger is merely a type of database spread across multiple sites, regions, or participants.
On the surface, distributed ledger sounds exactly how you probably envision a blockchain. However, all blockchains are distributed ledgers, but remember that not all distributed ledgers are blockchains. Whereas a blockchain represents a type of distributed ledger, it is also merely a subset of them.
The most important difference to remember is that blockchain is just one type of distributed ledger. Although blockchain is a sequence of blocks, distributed ledgers do not require such a chain. Furthermore, distributed ledgers do not need proof of work and offer – theoretically – better scaling options.
Removing the intermediary party from the equation is what makes the concept of distributed ledger technology so appealing. Unlike blockchain, a distributed ledger does not necessarily need to have a data structure in blocks. A distributed ledger is merely a type of database spread across multiple sites, regions, or participants.
On the surface, distributed ledger sounds exactly how you probably envision a blockchain. However, all blockchains are distributed ledgers, but remember that not all distributed ledgers are blockchains. Whereas a blockchain represents a type of distributed ledger, it is also merely a subset of them.
