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The coming of age of blockchain

BLOCKCHAIN and its applications such as in cryptocurrency and non-fungible tokens (NFTs) had a breakout year in 2021. It already went past its hype.

I remember the time in 2016 when I started to speak about blockchain in conferences and write about it in major dailies. It is either I get a lethargic reaction or a glow of wonderment from the audience and readers.

Up until 2020, there were a lot of talk about blockchain, but its followership was confined to the enthusiasts and technologists. Its most popular application, which is bitcoin, reached mainstream popularity in 2018, but it was on the premise of making big bucks as an investment vehicle. Business leaders saw no real-world application that they can touch and feel. Not until now.

There is a host of real-world use cases of blockchain all over, as recently published by Insider Intelligence, from the more obvious banking and finance to the cutting-edge applications in healthcare and energy.

For example, in April 2018, Banco Santander from Spain launched the world’s first blockchain-based money transfer service known as “Santander One Pay FX,” which enables customers to make same-day or next-day international money transfers. “By automating the entire process on the blockchain, Santander has reduced the number of intermediaries typically required in these transactions, making the process more efficient.”

Media companies have already started to adopt blockchain technology to eliminate fraud, reduce costs, and even protect Intellectual Property (IP) rights of content — like music records. One platform that has taken the spotlight in leveraging blockchain for media, is Eluvio, Inc. from California. “Formally launched in 2019, Eluvio Content Fabric uses blockchain technology to enable content producers to manage and distribute premium video to consumers and business partners without content delivery networks.”

In healthcare, Medicalchain from London uses a blockchain platform that allows for an easier and more secure flow of information that helps both the patient and medical professionals. “The blockchain can automatically verify whether a patient has insurance and is covered,” as reported by buitin.com. In addition, “drug and clinical trials can easily identify top candidates through a blockchain-based portal that safely shows patient medical records and identifies prime contenders for different trials.”

Closer to home, the Philippines ranked first when it comes to NFT adoption out of twenty countries surveyed by Finder in 2021 with 32% of those surveyed owning an NFT which runs on a blockchain network. This is due to the explosive growth of Axie Infinity, a play-to-earn gaming platform from a Vietnamese start-up, among user communities in the Philippines. In Axie Infinity, players buy, breed, and pit monsters called Axies against each other to win in-game currency — called small love potions (SLP) — that can be exchanged for fiat cash. Each Axie is an NFT that can be bought or sold across exchanges outside of the game.

While blockchain is the foundation of cryptocurrency, which is vigorously used, traded, and invested on the world over including in the Philippines, the other business applications are in its infancy stage in the country.

A key feature of blockchain is its state-of-the-art cryptography, which guarantees the fidelity and security of a record of data and generates trust without the need for a trusted third party. This makes this technology ideal for many business and industry applications, with its ability to create more transparency and fairness while also saving businesses time and money.

The success of blockchain applications does not come just like that. The effectiveness and success of blockchain applications lies in its use in an ecosystem. A blockchain ecosystems is composed of a group of elements capable of interacting with each other and the surrounding world for creating an environment with desired specific features. This creates an agreed-upon governance structure for a specific use case, e.g., in supply chain use case.

In overly complex supply chains, asset tracking, governance, transparent record-keeping, and transportation can all benefit from blockchain technology. As an example, Walmart, IBM, and HSBC have created a blockchain ecosystem, as reported by Medium.

“Walmart’s food safety initiative uses the IBM Food Trust Hyperledger blockchain solution. The benefit to supermarkets is mainly food traceability in seconds rather than days to help combat health issues related to food.” On the other hand, “HSBC innovated using blockchain technology to create we.trade” according to the report. “The HSBC partnership platform enables the direct business to business transactions for integrating into a supply chain; thereby quickly removing barriers for sellers who have not traded before and creating trust where there has been none.”

In advanced countries like the US, and in Europe, organizations, companies, and governments were deliberate in creating an ecosystem to take advantage of the value that blockchain brings. In China, the centralized government has chosen the blockchain infrastructure that has peer-to-peer commerce nature in a trusted environment.

Blockchain has come of age. Emerging countries will follow.

 

Reynaldo C. Lugtu, Jr. is the founder and CEO of Hungry Workhorse, a digital and culture transformation consulting firm. He is the chairman of the Information and Communication Technology Committee of the Financial Executives Institute of the Philippines (FINEX). He is a fellow at the US-based Institute for Digital Transformation. He teaches strategic management in the MBA Program of De La Salle University. The author may be e-mailed at rey.lugtu@hungryworkhorse.com

Boulevard Holdings reports sales for January

BOULEVARD Holdings, Inc. (BHI) reported a 100% increase in sales in January with P536,529.11 logged in sales of products and services during the month.

However, the company said the amount only accounts for operations from its Friday’s Puerto Galera resort. Boulevard Holdings said it posted an 84.43% decline in January from its December 2021 sales.

“Friday’s Puerto Galera has been closed for the most of January 2022 due to the travel restrictions as a result of the surge in COVID-19 (coronavirus disease 2019) Omicron cases. Friday’s Puerto Galera is currently open on weekends,” the company said in a disclosure on Thursday.

“Friday’s Boracay remains non-operational and is expected to reopen in March 2022,” it added.

For the eight months ended Jan. 31, Boulevard Holdings posted products and services sales worth P9.9 million.

Shares of Boulevard Holdings last traded on Oct. 13 last year, closing at 0.063 centavos per share.

In Jan. 25, the Philippine Stock Exchange (PSE) said Boulevard Holdings has yet to file its quarterly report for the period ended Nov. 30, 2021.

“The trading of the shares of BHI will remain suspended until further notice. The Exchange will inform the Trading Participants and the investing public of further developments on the matter,” the PSE said. — Keren Concepcion G. Valmonte

11th ASEAN Para Games will be in Solo, Indonesia set on July 23-30

SOLO, Indonesia will be Hanoi, Vietnam’s substitute host for the 11th Association of Southeast Asian Nations (ASEAN) Para Games set on July 23-30 this year.

The ASEAN Para Sports Federation (APSF) approved the hosting transfer during its board of governors meeting on Wednesday after Hanoi decided to do away with hosting the ASEAN Para Games and focus on staging the 31st Southeast Asian Games slated for May 12-23 instead due to the pandemic.

It will be the second time Solo is hosting the biennial games after it also organized the sixth edition 11 years ago.

“After careful deliberation and consideration, majority of the Board reached a decision to officially award Indonesia the hosting job following decision by the World Anti-Doping Agency (WADA) to remove Indonesia from its noncompliance list earlier this month,” said APSF Chairman H.E. Yi Veasna.

Prior to this, the National Doping Agency of Indonesia (LADI) was put on the noncompliance list due to what WADA described as “non-conformities in implementing an effective testing program” which resulted in the nation being barred from hosting any international sporting events or Games.

Indonesia is planning to have 14 sports in its calendar including volleyball sitting.

The other disciplines are archery, athletics, badminton, boccia, football, chess, goalball, judo, powerlifting, table tennis, swimming, wheelchair basketball, and wheelchair tennis.

Solo becomes the second host city after Kuala Lumpur given the nod by APSF to replace the original host cities — Vietnam (11th edition in 2021) and Laos (5th edition in 2009) respectively.

Mr. Veasna urged all member countries to come together in one voice and support the Games by sending their contingents and providing ASEAN athletes with the opportunity to compete in regional Games following a four-year lull since the last Games in Kuala Lumpur in 2017.

“It’s important for us to move forward in one voice as our main priority is to ensure that the Games remains relevant to the ASEAN Paralympic fraternity in many more years to come,” said Mr. Veasna.

APSF president Major General Osoth Bhavilai congratulated Indonesia for the hosting job but reminded that the LOC and APSF need to work closely to ensure smooth delivery of the Games in July.

“My hope is that all member nations support the Games in a truly ASEAN spirit and assist the host city in any way possible to ensure that the Games is held without much hassle,” said Mr. Bhavilai.

The Board was also briefed on the progress of preparation by Cambodia, which will host the 12th ASEAN Para Games in Phnom Penh next year. — Joey Villar

Creating a robust pay scale for union members

Our factory is spending a significant amount in each of the past three years on overtime premiums. Management allows this in order for our minimum wage earners to gain additional income, pending a review of our salary structure. It’s a temporary arrangement with the labor union pending the signing of a new collective bargaining agreement (CBA). Is this good or bad? — Capricious.

If a growing object is both fresh and spoiled at the same time, chances are, it’s a three-year-old child. The same thing could apply to your people management strategy. Three years is too long for you to spend on reviewing the salary structure. In most cases, the review should be done between six months and a year.

Therefore, the root issue is not the cost of overtime but the delay in coming out with a new salary scale. If you drag your feet in updating it, there’s a chance your organization will be spending more for overtime than needed. At any rate, it’s not the only cost you should worry about.

If you factor in the cost of utilities like electricity and water, the need for security guards and other related expenses, then that means you’re spending a lot of money beyond the overtime premium.

You need to fast-track the review and implement a new pay structure in order to stop paying excessive overtime.

GOOD OR BAD?
I’m not sure what sort of agreement you have with the labor union, but I am worried that the union holds a veto on the new salary scale for its members. What if the union refuses to go along?

Therefore, my answer to your question on whether such “temporary arrangements” are good or bad, is, without hesitation, that it’s bad for both labor and management. The parties cannot be expected to agree to a temporary CBA or some type of similar arrangement. If no new CBA is in place, then the old CBA is in force. 

The solution is none other than coming out with a new pay scale. And you need to move fast.

PAY STRUCTURE
It’s not easy to come up with a new salary scale. There are many requirements to cover. If your human resources (HR) function is managed by seasoned professionals, they might eventually come around to creating a dynamic and successful salary structure with an approach like this:

One, decide on a long-term pay philosophy. Must it follow industry or market rates or both? Or should you simply adjust for inflation? Whatever you choose, you must be able to decide based on current trends and the imperative of motivating and retaining great talent. For example, some companies determined to win the war for talent would be happy to pay as much as a 75% premium on current market rates. Some adopt an above-average policy of 10-20% above market.

Without a philosophy, you’ll simply be guessing, while saddled with high attrition rates, which is costly. It is crucial to have a reasonable and dynamic pay philosophy in place for the long haul.

Second, create, review, or improve job descriptions. This can only be done via a job evaluation, performed every five years. The objective is to determine how jobs should be priced at the various grade levels — defining which jobs should get more pay. This is done by determining the job content or weight relative to their significance in achieving corporate objectives.

Based on the result of a job evaluation, you have to decide how many grades to have. Ideally, it is best to have few grades where performance determines the rise through the pay scale. In a unionized environment like yours, it is best to implement a meritocratic system for pay hikes, rather than on across-the-board salary increases as provided for in the CBA.

EMPLOYEE PARTICIPATION
Compensation management is always a sensitive and emotional issue, union or no union. You may have the best job evaluation program done by expert consultants, and may have an equitable and competitive pay philosophy, but some employees might remain unhappy.

To avoid this, it is advisable to include union representatives in a task force that will work with management representatives on job evaluation, and in conducting industry salary surveys. The idea is to achieve co-ownership, in order to minimize the perceptions that management made bad decisions.

Employees in the task force can help communicate and justify any such pay program that ensues. This is difficult to accept for many command-and-control managers. If management succeeds in doing so, it becomes easier to convince most employees.

 

Have a chat with Rey Elbo via Facebook, LinkedIn or Twitter or send your workplace questions to elbonomics@gmail.com or via https://reyelbo.consulting.

Stuff to do (02/18/22)

Teachers get free museum visits

IN CELEBRATION of National Arts Month, teachers will be able to visit the Ayala Museum free of charge. As a show of gratitude for their work during the pandemic, teachers can visit Ayala Museum for free from Feb. 16 to 18. To pre-book a visit and find more information on visitation guidelines, visit ayalamuseum.org/visit. For more information, visit www.facebook.com/ayalamuseum/.

Virtual exhibit focuses on Magic: The Gathering 

WIZARDS OF the Coast (headquartered in Renton, Washington), a global game company that produces and markets Magic: The Gathering, announced that the “Magic: The Gathering Virtual Art Exhibition” will be open to the public from Feb. 18. The exhibition will feature 134 pieces of card art by 83 artists. It will also allow viewers to experience the art of the card game with a new VR viewing experience. This exhibition can also be enjoyed on a PC (Windows only) at https://mtg-kamigawa-vr.art.

How PSEi member stocks performed — February 17, 2022

Here’s a quick glance at how PSEi stocks fared on Thursday, February 17, 2022.

Philippines slips in Asia-Pacific AI Readiness ranking

Philippines slips in Asia-Pacific AI Readiness ranking

Comelec taking down posters ‘abuse of power’

COMELEC FB PAGE

THE GOVERNMENT is abusing its power for seizing oversized election campaign materials on private property, according to an election lawyer.

Citizens can put up whatever size of posters inside their property because freedom of speech is protected by the 1987 Constitution, election lawyer Romulo B. Macalintal told an online news briefing on Thursday. “That it is very arbitrary and a clear case of abuse of power and discretion and violation of one’s constitutional right to property.”

The Commission on Elections (Comelec) has issued an order for law enforcers to take down oversized campaign materials even inside private property, which the lawyer said is equivalent to warrantless seizure.

Candidates at this year’s elections could sue the election body at the Supreme Court for abuse of power, Mr. Macalintal said.

“We are currently studying the possibility of filing the appropriate case so that the rules on this issue are clarified further,” Ibarra M. Gutierrez III, spokesman of Vice-President and presidential candidate Maria Leonor “Leni” G. Robredo, said at the same briefing.

“The right to action currently belongs with the people directly affected,” he said. “It’s their private property, they are private persons and they are not connected to the campaign.”

Authorities earlier took down campaign posters of Ms. Robredo and her running mate Senator Francis “Kiko” N. Pangilinan inside private property.

Civic groups and former Comelec officials have criticized the Comelec order, which provides that election posters even on private property must not be bigger than six square feet.

Candidates are also barred from shaking hands, hugging, kissing, going arm-in-arm and having selfies taken with political supporters as part of health protocols amid a coronavirus pandemic.

Videos and photos of authorities taking down campaign materials posted by the opposition tandem’s supporters on private property have become viral.

Earlier this week, a team led by Comelec dismantled tarpaulins displayed at a volunteers’ center in Quezon City. The area, which used to be a bus station, is a private property owned by a supporter.

A viral video also showed police helping remove posters and tarpaulins at the headquarters of volunteers for the Robredo-Pangilinan tandem’s campaign in Santiago, Isabela in northern Philippines. 

Former congressman Neri J. Colmenares, who is running for senator, said the rule could be weaponized against opposition candidates.

“I agree that the Comelec rules are too stringent,” he told CNN Philippines. “While we know that of course that this is for the pandemic, they have overreached. It’s too much, it’s absurd.”

The Supreme Court had reminded Comelec in the past not to overstep its authority, lawyers from the University of the Philippines said in a statement, citing jurisprudence from 2015.

“Political speech is a preferred right,” they said. “Political speech during an election stands on a higher level.

The lawyers also said citizens can politely block Comelec authorities from private property. “Destroying private signages and other political expressions inside private property cannot be done arbitrarily, and certainly without notice and hearing.”

Senator and presidential bet Panfilo M. Lacson, Sr. said Comelec should review campaign rules because some of these are impractical.

“When they make resolutions and regulations, they should be implementable and enforceable,” he told reporters in mixed English and Filipino. He said seeking permission for every campaign activity is impractical.

Senate President Vicente C. Sotto III, Mr. Lacson’s vice-presidential running mate, said the rules had not been well thought of. He jokingly said he would search for a vacant lot and place a 50 by 50 feet tarpaulin of Senator Emmanuel “Manny” D. Pacquiao there and see if he will be disqualified for this.

“That may be a constitutional issue,” Mr. Lacson said. “This is my property and I can do whatever I want as long as I’m not harming other people.”

Meanwhile, Senator Emmanuel Joel J. Villanueva, who is running for reelection, asked Comelec to be flexible and review its rules. He noted that even if an inter-agency task force no longer requires the use of face shields, the election body still does.

Human rights lawyer and senatorial candidates Jose Manuel “Chel” I. Diokno said law enforcers have no power to dismantle posters and tarpaulins — whatever their size — on private property.

They are also barred by law from entering homes, offices or any private property without a search warrant or permission from the owner.

Acting Comelec Chairperson Socorro B. Inting told reporters on Thursday they would review face-to-face campaign rules. — Kyle Aristophere T. Atienza and A.N.O. Tan

Infections fewer than 3,000 for fourth straight day

THE PHILIPPINES posted 2,196 coronavirus infections on Thursday — the fourth straight day the tally fell below 3,000 — bringing the total to 3.65 million.

The death toll reached 55,330 after 107 more patients died, while recoveries rose by 4,409 to 3.52 million, the Department of Health (DoH) said in a bulletin.

It said 9.7% of 29,392 samples on Feb. 15 tested positive for the coronavirus, still above the 5% threshold set by the World Health Organization (WHO).

Of 66,588 active cases, 1,090 did not show symptoms, 60,848 were mild, 2,913 were moderate, 1,428 were severe and 309 were critical.

A drop in COVID-19 testing rates worldwide was likely contributing to a decline in reported cases in the, even as deaths were rising, WHO technical lead on COVID-19 Maria Van Kerkhove said on Wednesday.

“The bigger concern right now, I think, is the still increasing number of deaths,” she told an online discussion streamed live on YouTube.

Ms. Van Kerkhove noted that in the past week alone, almost 75,000 people died, which was probably underestimated.

Countries claiming that their transmission rates had dropped in the past weeks probably have also experienced a drop in coronavirus testing, said Mike Ryan, WHO emergency chief.

DoH said 95% of new cases occurred on Feb. 4 to 17. The top regions with cases in the past two weeks were Metro Manila with 358, Calabarzon with 307 and Western Visayas with 214 infections. It added that 65% of new deaths occurred in February and 18% in January.

Seventy-nine recoveries were relisted as deaths, while three laboratories failed to submit data on Feb. 15.

The OCTA Research Group said coronavirus infections in Metro Manila had increased, noting that the 632 new cases  on Wednesday were above previous projections.

“With mostly fresh cases, this feels like a Valentine spike,” OCTA fellow Fredegusto P. David tweeted. “The figure shows that it is above the Jan. 24 projections.”

The government, which is scrambling to vaccinate more people as it reopens the national economy, has started easing COVID-19 lockdowns as infections continue to fall.

The Philippines has vaccinated 263,932 children as of Feb. 16, Health Undersecretary Myrna C. Cabotaje told a televised news briefing on Thursday. Of the total, only eight experienced nonserious adverse events, she said.

She added that the government was set to receive about five million doses of COVID-19 vaccines for children this month. 

The government had fully vaccinated 61.9 million people as of Feb. 16., Ms. Cabotaje said. About 9.3 million booster shots have been injected.

At the same briefing, Information and Communications Technology acting Secretary Emmanuel Rey R. Caintic said the country’s vaccination certificates have new security features and now include data on booster shots.

“The most important update is the inclusion of booster shots,” he said in Filipino. “You may now see your third jab in the vaccine certificate.”

He said more than 70% of vaccination data in the country have been encoded into the government’s database.

Mr. Caintic said the agency expects 90% of all vaccination data from local government units to be sent to the National Government database in three to four months. — Kyle Aristophere T. Atienza

Senator defends SIM registration bill as key to thwarting scams

PIXABAY

ONE OF the co-authors of a bill that will make subscriber identification module (SIM) card registration mandatory, which is now up for the President’s approval, said the proposed law is key to addressing scams and fraud using mobile phones.

“The authorities will finally and promptly solve the criminals behind this kind of modus operandi when SIM card registration becomes law,” Senator Sherwin T. Gatchalian said in a statement on Thursday.

Technology and science experts have flagged certain provisions of the measure as a threat to privacy. 

Mr. Gatchalian, on the other hand, said having a record of SIM card owners and penalties against those who give fake identities will deter phone-aided illegal activities.

“While our laws provide for equal access to communication, this kind of liberty may be curtailed if the use of such technology is abused and used to commit nefarious acts,” said the senator who is seeking reelection in the May polls. 

Under the proposed legislation transmitted to the President’s office, all SIM card subscribers, including those with active services, will be required to register with their respective telecommunications company within a year from the effectivity of the measure. 

Those who fail to do so will have their SIM cards automatically deactivated.

Fictitious identities will be penalized with at least six years of imprisonment or a fine of up to P200,000, or both.

The bill is also intended to curtail social media abuse by requiring users to register their identity and phone number. — Alyssa Nicole O. Tan

P605-M EU grant approved for 4 peace projects in Bangsamoro region

A FORMER MILF combatant (right) receives his competency certificate from Minister Mohagher Iqbal after completing a technical skills training program as part of the normalization process in the Bangsamoro region. — BANGSAMORO.GOV.PH

ANOTHER European Union (EU) grant worth €10.39 million or about P605 million has been approved for four peace-related projects in the Bangsamoro region in southern Philippines. 

The projects will support the normalization process in the Muslim-majority region, the Office of the Presidential Adviser on Peace, Reconciliation and Unity (OPAPRU) said in a statement released late Wednesday. 

The normalization process involves the decommissioning of former armed fighters of the Moro National Liberation Front (MILF), which signed a peace agreement with the government in 2014, and transforming their communities into peaceful and productive zones.

The projects are:  

  • Programme on Assistance for Camp Transformation through Inclusion, Violent Prevention, and Economic Empowerment (PROACTIVE) by the United Nations Development Programme;  
  • Dialogue and Engagement in Communities to Foster Peaceful Camps Transformation in the BARMM of the Center for Humanitarian Dialogue;  
  • Access to Legal Identity and Social Services for Decommissioned Combatants (ALIAS-DC) by Initiatives for Dialogue and Empowerment through Alternative Legal Services (IDEALS); and  
  • Building Community Resilience and Delivery of Essential Services for Post-Conflict Recovery in Lanao del Sur/Marawi City by the United Nations Children’s Emergency Fund (UNICEF).

“I know that everybody is really contributing so that final peace and sustainable peace will take place and happen to Mindanao,” said Bangsamoro Education Minister Mohagher Iqbal, who also chairs the MILF Peace Implementing Panel. 

Three other projects were approved earlier with a total grant of €8.58 million or about P500 million.

Christoph Wagner, EU’s Head of Cooperation in the Philippines, said a €20- million financing agreement was also recently signed for the Bangsamoro Agri-Enterprise program.

“Let’s stay forward-looking… This is important because this will work on value chains in the BARMM (Bangsamoro Autonomous Region in Muslim Mindanao) that will support farmers’ goods, food production, cash flow, and in particular for Halal and [other] products,” Mr. Wagner is quoted as saying in the OPAPRU statement. 

“I really hope that these can start-up soon because this socioeconomic support is crucial for the peace dividends,” he said. — MSJ 

BI warns public vs scammers claiming ties to immigration officials

PHILSTAR FILE PHOTO

THE BUREAU of Immigration (BI) has issued a warning to the public against individuals posing as friends or relatives of its officials and offering assistance for a fee.

In a statement on Wednesday, Immigration chief Jamie H. Morente said the bureau had received reports of individuals offering unauthorized and illegal services by claiming to have connections to the agency’s officers and employees. 

“In our recent case, the scammer was able to get P200,000 from their victims, whose visa they alleged to ‘fix’,” Mr. Morente said. 

The victim was made to believe the offer was made by a relative of an immigration official, he added.

Mr. Morente called on the public to immediately report suspicious offers.

BI earlier issued a warning against scammers using social media platforms for immigration-related services.

In July last year, the bureau also received reports of foreigners being offered services at a high cost by a local company to obtain documentary requirements for them.

Mr. Morente said the company was using the name of government agencies to justify its high fees. 

“We do not condone illegal activities, and we are also considering seeking legal action against these scammers who besmirch the names of our officials and employees for their gain,” Mr. Morente added. — John Victor D. Ordoñez

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