POLYTECHNIC UNIVERSITY OF THE PHILIPPINES 1

ABSTRACT

Title : The Effectiveness of Using Blockchain Technology in

Remittance Services of Selected Blockchain Companies
in Metro Manila

Researchers : Sagun, Hannah Mae A.

Espiritu, John Albert M.
Sigurigan, Jhazz Mae F.
Taba, Christine Jeromine A.
Viaña, Nishiki Dennise S.

Degree : Bachelor of Science in Accountancy

Institution : Polytechnic University of the Philippines

Year : 2018

Adviser : Professor Greggie Jay M. Sanchez, CPA, MBA

Overseas Filipino Workers need a faster and cheaper remittance services with more

secured and transparent type of system which they will use whenever and wherever they

are. At the present, Philippines is slowly adapting blockchain technology, a digitalized and

decentralized public ledger that offers a solution of transferring digital money through

mobile phones and computers for remittance services. The purpose of this study is to

assess the effectiveness of blockchain technology in remittance services of selected

companies based on its established benefit. This study was conducted during the first
 POLYTECHNIC UNIVERSITY OF THE PHILIPPINES 2

semester of the school year 2018-2019. The respondents of the study are the

management of Ayannah Business Solutions, Inc., Tagcash, Bloom Solutions and

Paylance. The researchers designed a survey questionnaire as their primary instrument

used in collecting reliable data which were tallied, tabulated and analyzed for proper

interpretation. Frequency and percentage, ranking, weighted mean, likert scale, ANOVA

and Independent T-test were used to evaluate the responses on the different parts of the

questionnaire. The study revealed that the (1) application of Blockchain technology in the

factors of security, integrity and accessibility are effective, (2) respondent’s assessment is

affected by the extent of their knowledge about the technology, (3) company encountered

moderate problems in their use of blockchain technology in their remittance services. As

for recommendation, management should consistently observe and analyze the

effectiveness of using blockchain technology in their services because cases may differ

from year to year and the technology is still in its development process. They should

reassess the needs of the customers and make sure that they are still serving high quality

services. And that the management must focus on the cost effectiveness and speed of

transfer of each transaction to help them attract more customers and improve their

services.

Keywords: blockchain, cryptoccurency, coined, integrity, effectiveness, innovations

 POLYTECHNIC UNIVERSITY OF THE PHILIPPINES 3

INTRODUCTION

The growing need of OFWs for faster and cheaper remittance services created the

application of blockchain technology in the Philippines. The interest in blockchain

technology has been increasing since the idea was coined in 2008. The reason for the

interest in blockchain is its central attributes that provide security, anonymity and data

integrity without any third party organization in control of the transactions, and therefore it

creates interesting research areas, especially from the perspective of technical challenges

and limitations.

Chartered Accountants of Australia and New Zealand (2017) defined blockchain as

a type of distributed ledger, which enables records to be stored and sorted into blocks. In

the book of (Swan, 2015), it is said that blockchain is constantly growing as miners add

new blocks to it (every 10 minutes) to record the most recent transactions. The blocks are

added to the blockchain in a linear, chronological order. Each full node (i.e., every

computer connected to the bitcoin network using a client performs the task of validating

and relaying transactions) has a copy of the blockchain, which is downloaded

automatically when the miner joins the bitcoin network. The blockchain has complete

information about addresses and balances from the genesis block (the very first

transactions ever executed) to the most recently completed block.

Since the debut of bitcoin in 2009, its underlying technique, blockchain, has shown

promising benefits that attracted lots of attentions from academia and industry (Li, Jiang,

Chen, Luo, & Wen, 2017). Anson Zeall expressed blockchain as a technology that is

becoming a more common tool for cross-border remittances globally. As to safety, control

of a blockchain account is solely on the account holder thus, making it impossible to lose
 POLYTECHNIC UNIVERSITY OF THE PHILIPPINES 4

assets in a blockchain due to theft, fraud, or scam. As to integrity of transaction recording,

all blockchain transactions are done online. These blocks are recorded, verified, and

locked. Everyone using blockchain can view all transactions, but can never modify the

records. As transaction processing is all done digitally, transfers are quick and efficient.

The elimination of manual work and third-party clearing processes significantly shortens

the end-to-end fulfillment of remittances. Automation of the processes minimizes manual

involvement in the transaction. This also removes service charges, clearing fees,

penalties, and other costs common to sending money through traditional methods (Zeall,

2018).

Like all new technologies, the adoption of blockchain in the real world will involve

challenges as stated in the Profiles in Innovation blockchain (2016) (Schneider, Blostein,

Lee, Kent, Groer, & Beardsley, 2016). Challenges in applying blockchain technology that

are cited by (Gokhale, 2016) in her study blockchain Technology: Opportunities and

Challenges for Korean Financial Industries are as follows: New Technology, Reliability

and Authenticity of information, Security, Market Disruption, and fraudulent activities due

to the pseudonymous nature of blockchain.

Currently, the Philippines is slowly adapting this technology in use for the

remittance services. In the current year, many startups use this technology in conducting

their operations. It is expected that in coming years, the blockchain technology will be

used by almost all of the banks and other companies here in the Philippines.
 POLYTECHNIC UNIVERSITY OF THE PHILIPPINES 5

METHODS

The researchers used a descriptive method of research in data collection and

investigation needed in the chosen field of study. This method was used to gather,

describe, measure, and analyze and interpret the theoretical meaning of the findings and

hypothesis development for further studies.

The population of the Philippines’ fintech startup in remittance sector using

blockchain technology totaled six (6) services. Using the elimination method, the

researchers came up with nine (9) respondents from four (4) startup companies. The four

(4) startup companies are Ayannah Business Solutions Inc., Bloom Solutions, Paylance,

and Tagcash. The researchers used questionnaire as their main research instrument.

Which were composed of six parts specifically respondent’s profile, company’s or business

perspective, assessment about the blockchain technology, overall evaluation, and possible

problems encountered and proposed solutions to the problems. Survey questionnaires

were evaluated by Prof. Sanchez. The researchers sent the survey questionnaire and

letter of intent through mail, as the company like Bloom Solutions wishes, with the reason

that most of their team work remotely or from their home. But the researchers also went

physically to the company’s location to distribute the survey questionnaire and also to

conduct an interview. The data were coded, tallied and tabulated to facilitate the

presentation and interpretation of result using the following: (1) frequency and percentage

were used for the comparison of the respondent’s profile, business perspective and

assessment about the blockchain technology, (2) weighted mean and likert scale were

used to analyze the responses on the respondents overall evaluation, problems

encountered and proposed solutions to the problems and (3) ANOVA or the F-test and
 POLYTECHNIC UNIVERSITY OF THE PHILIPPINES 6

independent T-test were used to evaluate the significance of the assessment of

respondents when they are grouped according to their profile.

 POLYTECHNIC UNIVERSITY OF THE PHILIPPINES 7

RESULTS

The presentation, analysis and interpretation of the data gathered about the five(5)

factors or benefits of application of blockchain technology and other questions given (see

the copy of the survey questionnaire in appendix) was discussed each and was presented

to evaluate the effectiveness of blockchain technology in remittance services of the

selected four(4) blockchain companies in Metro Manila.

The first three part of the questionnaire which are (1)respondent’s profile,

(2)company’s perspective and (3)knowledge about blockchain technology produces the

following results: based on sex, males are on lead but the number of females are only less

than one of males. Men are viewed as having a natural affinity with technology but now it

was presumed that women would engage with them (computers and technology)

enthusiastically (Mary Wyer, 2014). The respondents belonging to managerial positions

finished atleast a bachelor’s degree and are employed in the company for 1 to 5 years

since the blockchain technology is still in its infancy in the Philippines. It is also the reason

why most of the companies that applies blockchain technology in their remittances are

operating for less than 5 years from now and have been using this technology for less than

5 years also. The results also shows that the most of the respondents are involved in the

Operations area of the company as it is one of the important department, a business must

have. Those involved in operations and information technology, are more knowledgeable

about the technology used in their remittances. Since the use of this technology lessens

the manpower requirements of a business, all of the respondents’ companies have less

than a hundred employees. The results also depict that companies targets businesses

more than providing services to individuals, as business-to-business model is commonly

 POLYTECHNIC UNIVERSITY OF THE PHILIPPINES 8

used by the companies. And as other countries already applied blockchain technology in

their services, most of the respondents get the idea from researching about it. The

respondents considered Transportability as the most common factor to consider in

application of blockchain technology. This depicts that the management wants to create an

effective way to transfer money from one place to another and give solution to the arising

problems of overseas worker regarding their remittances.

The part 4 of the survey questionnaire shows the evaluation on the use of

blockchain technology in remittance services considering the five factors which are

security, integrity of the transaction recording, speed of transfers, accessibility and cost

effectiveness and the following are the results: The degree of effectiveness of using

blockchain technology in remittances under the security factor is outstanding. Thus,

personal data are encrypted. Access and control of an account is solely on the account

holder. Also, there is a complete history log of all transactions and individuals can quickly

track down their transfers. False transactions cannot be added without the consent of the

parties involved. And lastly, authentication requirements (passwords and other access

requirements) are simple. The degree of effectiveness of using blockchain technology in

remittances considering the integrity of transaction recording also depicts an outstanding

rate. It shows that the blockchain technology continuously keeps updated digital records of

transactions and these transactions once recorded on blockchain‘s distributed ledgers

cannot be altered. Confirmations of delivery are also displayed. And every transaction has

a verifiable record on the blockchain and each party involved can track the settlement. And

the accessibility factor also resulted to an outstanding rate. Therefore, an individual can

transfer money with the use of their electronic devices and it minimizes downtime in

accessing the data. Also, information can be accessed through a web browser. And every
 POLYTECHNIC UNIVERSITY OF THE PHILIPPINES 9

party can verify the records of its transactions directly, without an intermediary. On the

other hand, the speed of transfers and cost effectiveness factors resulted to a satisfactory

rate based on the evaluation of the respondents which depicts that the blockchain

technology does not strictly follows a time tested simple transaction formula. Time is not

significantly saved by the elimination of intermediary institutions such as the SWIFT,

because of that, there is satisfactory speed in transfer of money. It also shows that the use

of blockchain technology does not significantly reduces processing costs, decreases the

costs related to theft risk, reduces the labor costs through digitalization and also, doesn’t

significantly reduces the costs of delays in transferring money. The table below shows the

summary of the evaluation of the respondents in the effectiveness of blockchain

technology in remittance services.

Table 1

Summary of the Distribution of Respondents based on the Factors Given

FACTORS OVERALL WEIGHTED OVERALL VERBAL

MEAN INTERPRETATION
Security 4.65 Outstanding

Integrity of Transaction 4.70 Outstanding

Recording
Speed of Transfers 3.64 Satisfactory

Accessibility 4.64 Outstanding

Cost Effectiveness 4.17 Satisfactory

The remaining part of the survey questionnaires shows the possible problems

encountered by the companies and its corresponding proposed solutions and the

following are the results gathered: The results showed that 2 out of the 7 possible

problems encountered by the companies are only minor problems, such as the amount of
 POLYTECHNIC UNIVERSITY OF THE PHILIPPINES 10

transactions processed per unit time and, traders and transaction details are disclosed

and privacy may not be protected. While the other 5 such as: people or customers find it

hard to trust the technology because it is new to them, the company has a hard time

finding buyers of their bitcoins that they can use for their remittances, fluctuations in token

prices make it difficult to predict transaction fee, concerns about terrorists and criminals to

move their money from one place to another and blockchain technology being complex

and has its own unique vocabulary, are considered by the respondents as a moderate

problem. The technology faces a lot of problems currently because it is new in Philippines

and is still in its development stage. While on the proposed solutions to these problems,

the results showed that the respondents have different assessment on the proposed

solutions to the problems encountered. The respondents strongly agreed that the

company should increase awareness about the blockchain technology through

advertisement and seminar, that it should engage in wider market and build connections

to others that are interested in bitcoins and the company should have expert by means of

comprehending this new technology through time. The respondents also agreed that the

company should check the profiles and authenticity of the transactions of the account

holder. On the other hand, the respondents are undecided if they company should

increase the block size to improve the amount of transactions processed per unit time and

if the company should independently prepare tokens free from price fluctuations caused

by changes in the market price. While most of them disagree that the services should be

available only among limited participants.

The study also considered the significant difference on the respondents’

assessment of the effectiveness of blockchain technology in remittance services when

they are grouped according to their profile. The results showed that in almost all aspect,
 POLYTECHNIC UNIVERSITY OF THE PHILIPPINES 11

there is no significant difference on the evaluation of the application of blockchain

technology, possible problems encountered and proposed solutions when the

respondents are grouped according to their profile aside from the evaluation of the

respondents in the effectiveness of the blockchain technology considering the integrity of

transaction recording, accessibility and cost effectiveness factor when they are grouped

according to the positions they held in their corresponding departments, as shown on the

table below, with the reason that some employees may not be aware of some facts

concerning these factors and only those who are fully involved have a thorough analysis

of it.
 POLYTECHNIC UNIVERSITY OF THE PHILIPPINES 12

Table 2

Significant Difference on Respondents’ Assessment of the Effectiveness of Using

Blockchain Technology When Grouped According to Position in the Department

Factors Position Mean f value p value Decision Remarks

Executive Manager 4.50

Senior Manager 4.50

Chief Technology
Security 4.50 0.075 0.986 Retain Ho Not Significant
Officer
Manager 4.61

Supervisor 5.00

Executive Manager 5.00

Senior Manager 3.75

Integrity of transaction Chief Technology
3.75 45.944 0.001 Reject Ho Significant
recording Officer
Manager 4.95

Supervisor 5.00

Executive Manager 3.50

Senior Manager 3.00

Chief Technology
Speed of transfers 3.00 1.597 0.331 Retain Ho Not Significant
Officer
Manager 4.25

Supervisor 2.00

Executive Manager 4.00

Senior Manager 4.00

Chief Technology
Accessibility 4.00 36.778 0.002 Reject Ho Significant
Officer
Manager 4.95

Supervisor 5.00

Executive Manager 4.00

Senior Manager 3.00

Chief Technology
Cost effectiveness 3.00 9.25 0.027 Reject Ho Significant
Officer
Manager 4.75

Supervisor 3.75
 POLYTECHNIC UNIVERSITY OF THE PHILIPPINES 13

DISCUSSION

This study was intended to provide additional knowledge about blockchain

technology in the Philippines. It will give awareness to individuals and businesses on how

effective the application of blockchain technology is. Management of each company will

have more knowledge of its risks that will improve blockchain technology through the

years. This study may give employees of blockchain technology companies more

confidence knowing that their services will be effective which will make them execute their

work accordingly. Blockchain companies will gain more customers which will be loyal to

them and trust them with their money. Clients will be able to use a more trusted remittance

center with blockchain technology as their system. This study is very important to the

researchers for the completion of their course requirements. Researchers gained a lot

more knowledge by completing this study. It also developed their communication skills by

meeting with professional people with high positions. This study helps them increase their

vocabulary, attitude and leadership. It will be important to other researchers who will want

to make further research regarding blockchain technology thus, making this as their

reference.

The main objective of this study is to determine the effectiveness of blockchain

technology of selected companies in Metro Manila. It includes the problems encountered

and its corresponding solutions.

The respondents of this study consist of professionals with high position in

blockchain companies on Ortigas, Makati and Quezon City. All of those companies

welcomed researchers with hospitality and gave them permission to conduct their study.
 POLYTECHNIC UNIVERSITY OF THE PHILIPPINES 14

Researchers made a questionnaire outlined based on these factors: security, integrity of

transaction recording, speed of transfers, accessibility, and cost effectiveness. The survey

was on conducted July 19, 2018 and August 8, 2018 and retrieved the following days.
 POLYTECHNIC UNIVERSITY OF THE PHILIPPINES 15

CONCLUSION

Based on the findings, the following conclusions were derived. First, in the given

factors used to assess the effectiveness, security, integrity of transaction recording and

accessibility showed an outstanding rate, that means the application of blockchain

technology in remittance services of the companies are effective in these aspects.

Improved security, integrity of transaction recording and accessibility are observed in

remittance services with the use of blockchain technology. Second, the results showed

that there is a significant difference on respondent’s assessment of the integrity of

transaction recording, accessibility and cost effectiveness aspect in using blockchain

technology when they are grouped according to the position they held in the department

they belong, it is affected by the extent of their knowledge about the technology because

they only know the process by the degree of their jobs and the transactions they handle.

And third, the results showed that five out of seven of the given possible problems

encountered by the company are rated as a moderate problem, means that the company

encountered moderate problems in their use of blockchain technology in their remittance

services in Philippines because the technology is still in its infancy and it is still

developing.

Based on the thorough analysis of data gathered and after the evaluation of the

effectiveness of use of blockchain technology in remittance service of selected blockchain

companies, the researchers concluded that with the use of this technology, your

remittance is secured and accessible, and integrity of transaction recording is observed

throughout the process. Therefore, the application of blockchain technology in remittance

services of selected companies is effective.

 POLYTECHNIC UNIVERSITY OF THE PHILIPPINES 16

The presented conclusions had provided the researchers with sufficient information,

thus, several recommendations had been formulated. First, the management should

consistently observe and analyze the effectiveness of using blockchain technology in their

services because cases may differ from year to year and the technology is still in its

development process. The management should reassess the needs of the customers and

make sure that they are still serving high quality services. They must focus on the cost

effectiveness and speed of transfer of each transaction to help them attract more

customers and improve their services. Such improvement will not only benefit the

company but also the public and economy. Second, with the government, the study

recommends that the local government should aid in promoting blockchain technology in

our country to cope up with other countries towards technological advancement. The

government should ensure that the use of blockchain technology in the Philippines is well

regulated and monitored. And lastly, for further researchers, the researchers recommends

that an in-depth study must be done regarding blockchain technology to increase its

assessment on its effectiveness especially on its speed and cost. The researchers also

recommend to read more about the implementation of blockchain that includes the same

functionality, to learn more about how it works.

 POLYTECHNIC UNIVERSITY OF THE PHILIPPINES 17

REFERENCES

Chartered Accountants of Australia and New Zealand. (2017). What is Blockchain and
Distributed Ledger Technology? The future of blockchain: Applications and
implications of distributed ledger technology, 8.

Gokhale, H. (2016). Blockchain Technology: Opportunities and Challenges for Korean

Financial Industry.

Li, X., Jiang, P., Chen, T., Luo, X., & Wen, Q. (2017). A survey on the security of
blockchain systems. Future Generation Computer Systems, 1.

Mary Wyer, M. B. (2014). Women, Science, and Technology. UK: Routledge.

Swan, M. (2015). Blockchain: Blueprint for a New Economy. California: O'Reilly Media,
Inc.

Schneider, J., Blostein, A., Lee, B., Kent, S., Groer, I., & Beardsley, E. (2016, May 24).
Putting into Practiice: Real-world Application and Benefits. Profiles in Innovation,
pp. 4-5.

Zeall, A. (2018). How blockchain can improve remittances.

 POLYTECHNIC UNIVERSITY OF THE PHILIPPINES 18

APPENDIX

SURVEY QUESTIONNAIRE

A survey on
THE EFFECTIVENESS OF BLOCKCHAIN TECHNOLOGY IN REMITTANCE SERVICES
OF SELECTED COMPANIES

Part I. Profile
Direction: Please check the space provided that corresponds to your answer.

1. Age
[ ] Below 25 years old
[ ] From 25 up to 30
[ ] From 31 up to 40
[ ] 41 and above

2. Sex
[ ] Male
[ ] Female

3. Highest Educational Attainment

[ ] Bachelor’s degree
[ ] Masteral Units
[ ] Master’s Degree
[ ] Doctoral Units
[ ] Doctoral Degree

4. Number of Years in the Company

[ ] Less than 1 year
[ ] From 1 to 5
[ ] From 6 to 10
[ ] From 11 to 15
[ ] More than 15 years

5. Department in the Company

[ ] Operations
[ ] Marketing
[ ] Finance
[ ] Human Resource
[ ] Information Technology
Others (please specify):
 POLYTECHNIC UNIVERSITY OF THE PHILIPPINES 19

6. Position in the Department

[ ] Executive Manager
[ ] Senior Manager
[ ] Chief Technology Officer
[ ] Manager
[ ] Supervisor
Others (please specify):

Part II. Company Perspective

1. Years of Existence
[ ] Less than 1 year
[ ] 1 year up to less than 5 years
[ ] 5 years up to less than 10 years
[ ] 10 years and above

2. Years of using Blockchain Technology

[ ] Less than 1 year
[ ] 1 year up to less than 3 years
[ ] 3 years up to less than 5 years
[ ] 5 years and above

3. Number of Employees
[ ] Less than 100
[ ] 100 up to less than 500
[ ] 500 up to less than 1,000
[ ] 1,000 and above

4. Business Model
[ ] Business to Business
[ ] Business to Customer
[ ] Customer to Customer
[ ] Customer to Business

PART III. The Blockchain Technology

1. How did you learn about blockchain technology?
[ ] Research
[ ] Advertisement
[ ] Referral
[ ] News and/or articles
Others (please specify):
 POLYTECHNIC UNIVERSITY OF THE PHILIPPINES 20

2. What are the factors you considered for using a blockchain technology for cross-
border payments or remittances?
[ ] Technological Competence. The management wants to adapt to the global
trend and meet the increasing technological demands.
[ ] Transportability. The management wants to create an effective way to transfer
money from one place to another.
[ ] Cost Management. The management wants to minimize spending on costs
related to the risk in traditional transfer of money.
Others (please specify):

PART IV. Evaluation

Direction: Please check the corresponding box that shows your assessment
on the utilization of Blockchain technology in remittance services of the
company.
5 – Outstanding
4 – Satisfactory
3 – Good
2 – Fair
1 – Poor
SECURITY 5 4 3 2 1
a. Personal data are encrypted.
b. Access and control of an account is solely on the account holder.

c. There is a complete history log of all transactions.

d. Individuals can quickly track down their transfers.
e. False transactions cannot be added without the consent of the
parties involved.
f. Authentication requirements are simple. (passwords and other
access requirements).
Others (please specify)

INTEGRITY OF TRANSACTION RECORDING 5 4 3 2 1

a. The blockchain technology continuously keeps updated digital
records of transactions.
b. A transaction once recorded on blockchain’s distributed ledgers
cannot be altered.
c. Confirmations of delivery are displayed.
d. Every transaction has a verifiable record on the blockchain and
each party involved can track the settlement.
 POLYTECHNIC UNIVERSITY OF THE PHILIPPINES 21

Others (please specify):

SPEED OF TRANSFERS 5 4 3 2 1
a. The blockchain technology follows a time tested simple
transaction formula.
b. There is an instantaneous transfer of money. (i.e. money is
transferred within minutes)
c. Time is saved by the elimination of intermediary institutions such
as the SWIFT.
d. Reduced turnaround time for settlement as there is no need for
central agencies and movement of messages.
Others (please specify):

ACCESSIBILITY 5 4 3 2 1
a. An individual can transfer money with the use of their electronic
devices.
b. The use of blockchain technology minimizes downtime in
accessing the data.
c. Information can be accessed through a web browser.
d. Every party can verify the records of its transactions directly,
without an intermediary.
Others (please specify):

COST EFFECTIVENESS 5 4 3 2 1
a. The use of blockchain technology reduces processing costs.
b. The use of blockchain technology decreases the costs related to
theft risk.
c. With the use of blockchain technology, there is a reduction of
labor costs through digitalization.
d. With the use of blockchain technology, there is a reduction in the
costs of delays in transferring money.
Others (please specify):
 POLYTECHNIC UNIVERSITY OF THE PHILIPPINES 22

Part V. Possible Problems Encountered

Direction: Please check the corresponding box that shows the degree of
seriousness the following problems encountered in using blockchain
technology for remittance services of the company.
5 – Very Serious Problem
4 – Serious Problem
3 – Moderate Problem
2 – Minor Problem
1 – Not At All

5 4 3 2 1

1. The amount of transactions processed per unit time

(throughput) is small.
2. People or customers find it hard to trust the technology
because it is new to them.
3. The company has a hard time finding buyers of their
bitcoins that they can use for their remittances.
4. Traders and transaction details are disclosed and
privacy may not be protected.
5. Fluctuations in token prices make it difficult to predict
transaction fees.
6. There are concerns about terrorists and criminals to
move their money from one place to another.
7. Blockchain technology is complex and has its own
unique vocabulary.
Others (please specify):

Part VI. Proposed Solutions to the Problems

Direction: Please check the corresponding box that shows your degree of
agreement on the following possible solutions to the problems encountered in
using blockchain technology in remittance services of the company.

5 – Strongly Agree
4 – Agree
3 – Undecided
2 – Disagree
1 – Strongly Disagree
 POLYTECHNIC UNIVERSITY OF THE PHILIPPINES 23

5 4 3 2 1

1. The company should increase the block size to improve

the amount of transactions processed per unit time.
2. The company should increase awareness about the
blockchain technology through advertisement and
seminars.
3. The company should engage in wider market and build
connections to others that are interested in bitcoins.
4. Services should be available only among limited
participants.
5. The company should independently prepare tokens free
from price fluctuations caused by changes in the market
price.
6. The company should check the profiles and authenticity
of the transactions of the account holder.
7. The company should have expert by means of
comprehending this new technology through time.
Others (please specify):
 POLYTECHNIC UNIVERSITY OF THE PHILIPPINES 24

AUTHORS NOTE

This thesis entitled, THE EFFECTIVENESS OF BLOCKCHAIN TECHNOLOGY IN

REMITTANCES SERVICES OF SELECTED BLOCKCHAIN COMPANIES IN METRO

MANILA, prepared and submitted by Hannah Mae A. Sagun, John Albert M. Espiritu, Jhazz

Mae F. Sigurigan, Christine Jeromine A. Taba, and Nishiki Dennise S. Viaña of BSA 4-6 in

partial fulfilment of the requirements for the degree, Bachelor of Science in Accountancy, at

Polytechnic University of the Philippines on September 2018.

The researchers would like to express their sincerest appreciation and deepest

gratitude to Professor Greggie Jay M. Sanchez, CPA, MBA, for his professional guidance

and unwavering efforts for this study to exist, to the respondents and management of Bloom

Solution, Sendah, Tagcash, Paylance and Ayannah Business Solutions, for their honesty

and hospitality on entertaining the questions of the researchers, to their friends and

colleagues, for giving them emotional and physical support that they could offer, to their

parents and relatives, for helping and understanding them in every aspect especially in

providing moral and financial support, and most especially, to the one who is the reason for

all of this, to God Almighty Father for giving the researchers the wisdom, courage, strength

and knowledge to accomplish this study.

Disclaimer: The authors hereby declared that this thesis is an original work and has

not been submitted before any institution for assessment purposes. Further, the authors

have acknowledged all sources used and have cited in these reference section.
 POLYTECHNIC UNIVERSITY OF THE PHILIPPINES 25

Contact Details:

Sagun, Hannah Mae A. - 0955 462 0793

hannahnamisagun@gmail.com

Espiritu, John Albert M. - 0926 077 5882

albert.espiritu42@yahoo.com

Sigurigan, Jhazz Mae F. - 0975 433 9723

sjhazzmae4@gmail.com

Taba, Christine Jeromine A. - 0995 758 1005

christinetaba88@gmal.com

Viaña, Nishiki Dennise S. - 0948 343 5888

nishiki.viana@gmail.com