Monday, June 27, 2022
manilastandard.net
ADVERTISEMENT
  • About
  • News
    • Top Stories
    • National
    • World News
    • Pinoy Abroad
    • Features
  • Opinion
    • Editorial
    • Columns
    • Soundbytes
  • LGUs
    • NCR
    • Luzon
    • Visayas
    • Mindanao
  • Business
    • Corporate
    • Economy & Trade
    • Stocks
    • Money
    • Agri & Mining
    • Power & Tech
    • IT & Telecom
  • Sports
    • Basketball
    • Volleyball
    • Fightsports
    • Active
    • Sports Plus
    • One Championship
    • Columns
  • Entertainment
    • TV & Movies
    • Celebrity Profiles
    • Music & Concerts
    • Digital Media
    • Columns
  • Lifestyle
    • Food
    • Culture & Media
    • Fashion
    • Health and Home
    • Leisure
    • Shopping
    • Columns
  • Others
    • Pets
    • Pop.Life
      • Newsmakers
      • Hangouts
      • A-Pop
      • Post Its
      • Performances
      • Malls & Bazaars
      • Hobbies & Collections
    • Technology
      • Gadgets
      • Computers
      • Business
      • Tech Plus
    • MS ON THE ROAD
      • Sedan
      • SUV
      • Truck
      • Bike
      • Accessories
      • Motoring Plus
      • Commuter’s Corner
    • Home & Design
      • Residential
      • Commercial
      • Construction
      • Interior
    • Spotlight
    • Gallery
      • Photos
      • Videos
    • Events
      • Seminars
      • Exhibits
      • Community
    • Biyahero
      • Travel Features
      • Travel Reels
      • Travel Logs
  • Advertise with Us
No Result
View All Result
  • About
  • News
    • Top Stories
    • National
    • World News
    • Pinoy Abroad
    • Features
  • Opinion
    • Editorial
    • Columns
    • Soundbytes
  • LGUs
    • NCR
    • Luzon
    • Visayas
    • Mindanao
  • Business
    • Corporate
    • Economy & Trade
    • Stocks
    • Money
    • Agri & Mining
    • Power & Tech
    • IT & Telecom
  • Sports
    • Basketball
    • Volleyball
    • Fightsports
    • Active
    • Sports Plus
    • One Championship
    • Columns
  • Entertainment
    • TV & Movies
    • Celebrity Profiles
    • Music & Concerts
    • Digital Media
    • Columns
  • Lifestyle
    • Food
    • Culture & Media
    • Fashion
    • Health and Home
    • Leisure
    • Shopping
    • Columns
  • Others
    • Pets
    • Pop.Life
      • Newsmakers
      • Hangouts
      • A-Pop
      • Post Its
      • Performances
      • Malls & Bazaars
      • Hobbies & Collections
    • Technology
      • Gadgets
      • Computers
      • Business
      • Tech Plus
    • MS ON THE ROAD
      • Sedan
      • SUV
      • Truck
      • Bike
      • Accessories
      • Motoring Plus
      • Commuter’s Corner
    • Home & Design
      • Residential
      • Commercial
      • Construction
      • Interior
    • Spotlight
    • Gallery
      • Photos
      • Videos
    • Events
      • Seminars
      • Exhibits
      • Community
    • Biyahero
      • Travel Features
      • Travel Reels
      • Travel Logs
  • Advertise with Us
No Result
View All Result
manilastandard.net
No Result
View All Result
Home Business Biz Plus

Filipino CEO spots ample opportunities in blockchain

Roderick T. dela CruzbyRoderick T. dela Cruz
June 18, 2022, 7:40 pm
in Biz Plus, Business
Reading Time: 4 mins read
A A
191
SHARES
Share on FacebookShare on TwitterShare on Email

A technology entrepreneur spots multiple economic opportunities that the blockchain technology can make possible for the Philippines.

Tetrix Network co-founder and CEO Emman Navalan

Emman Navalan, a web3 enthusiast and co-founder and chief executive of Tetrix Network, says blockchain can be used in industries and sectors that require trust like accounting and other financial services, logistics, arts, business transactions, transfer of ownership or data safekeeping of relevant documents for efficiency to eliminate redundancies and middlemen and improve quality of life.

Navalan, who is also the founder and CEO of Viridian Technologies Inc., describes blockchain as an infrastructure technology that created digital trust. It is known for being secure, immutable or tamperproof, traceable and always forward-moving,” he says.

“It allows digital ownership and peer-to-peer transactions,” says Navalan, who promotes inclusion and innovation for a sustainable and “trustless” future. Tetrix Network, the company he leads, is an interconnected ecosystem that aims to bridge the gap among all blockchain projects.

Navalan was a former president and project manager of Aldaemuz Konstruct Inc., which handles innovative Industrial projects and horizontal and residential construction.

ADVERTISEMENT

Origin of Tetrix

He started Tetrix Network in 2020 as an effort to change the way blockchains are designed and developed for the digital space where communities, enterprises, governments and individuals interact and coexist in the same ecosystem without having to worry about different blockchains.

Navalan says Tetrix is a collection of projects that build the products, tools, and infrastructure for resilient, sustainable, and inclusive communities.

Navalan says a lot of opportunities await Filipinos through the blockchain technology. “Personally, I started trading [cryptocurrencies] which allowed me to read and learn about how blockchain works. The collective knowledge, collaboration, and validation with my co-founders and partners allowed us to create our version of the blockchain,” he says.

“There are a lot of opportunities not just for the youth, but anyone to engage in this web3 as it touches all industries,” he says.

Cryptocurrency

A GWI study ranks the Philippines 2nd globally in terms of ownership of cryptocurrency. It says 22.7 percent of Filipino respondents own and use crypto. A different survey from Finder Cryptocurrency Adoption Index ranks the Philippines 5th worldwide, with 28 percent of adults saying they own cryptocurrency.

Another data discovered that 74 percent of Filipinos are aware of crypto ownership and its uses in the country. Cointelegraph shows that the country’s peer-to-peer trade in the crypto market exceeded $1 million for the first time in 2020 at the height of community quarantines amid the pandemic.

Navalan says it is important to first understand how blockchain technology works and what can it contribute to the growth of businesses. He says the explosion of the crypto ecosystem over several years resulted in a greater demand to build high-throughput applications like gaming, NFT (non-fungible token) marketplaces, and media apps on cost-effective blockchains.

“This is where Tetrix comes in. Using the omni-chain interoperability protocol, businesses and developers can implement inter-chain applications without having to rely on a middleware approach. The applications built on top of Tetrix make crypto more accessible to end users, accelerating the exponential adoption of digital assets, banking on its goal to be the gateway to the web3 or the decentralized internet,” he says.

Navalan says Tetrix’s team is composed of a diverse group of individuals who not only made significant contributions in their respective fields but also built their reputations for being fair, efficient, experienced, and true to their word. “We now have more than 20 people in the company and 12 advisors who build, educate, promote and contribute to the next generation of the web,” he says.

“Tetrix Network aims to accelerate web3 adoption with our platform and solutions that would complement existing applications to bridge users and businesses around the world. To sustain growth, we plan to educate people about web3 and educate more developers and aspiring developers through our programs and partnerships,” he says.

Challenges

Several issues, however, prevent the full development of the blockchain industry in the Philippines, which include general awareness and education, lack of developers, regulatory clarity, high licensing fees, and nascent solutions. “This is all due to the fact that the technology is still new to many,” Navalan says.

He says the Department of Finance’s plan to tax cryptocurrencies is critical to the development of the industry.

Navalan says Filipinos should welcome the taxation plan. “We must understand, first and foremost, that we need this to move forward. This is something that bigger companies such as Binance, Coinbase, and others are actually open to and they’re welcoming it because they know that this is going to pave the way for even more adoption in the mainstream,” he says.

Tetrix Network team

He says the proposed bill in Congress should be drafted in a way that is crypto-friendly. He warns that imposing a 30-percent tax like in India is going to kill the industry.

“They have to really make sure that it’s something that’s forward-thinking, because at the end of the day, it’s all about collection. You don’t increase the percentage just because you’re targeting the collection. You can do it in multiple ways; you can invite more people to participate by being friendly to crypto and at the same time, get the taxes,” he says.

Tags: blockchain technologyEmman NavalanTetrix Network
ADVERTISEMENT
Roderick T. dela Cruz

Roderick T. dela Cruz

Related Posts

DOE asks incoming gov’t to pursue WPS oil projects

byAlena Mae S. Flores
June 26, 2022, 6:55 pm
0
158

Energy Secretary Alfonso Cusi said over the weekend the incoming administration will decide on oil and gas exploration activities in...

Read more

Arthaland plans to launch projects in Makati, Laguna

byJenniffer B. Austria
June 26, 2022, 6:50 pm
0
165
Arthaland starts sale of green bonds worth P3 billion

Boutique property developer Arthaland Corp. plans to launch two residential projects this year as part of its plan to grow...

Read more

DOF asks committee to prevent ‘double-dipping’ of coco levy trust fund

byJulito G. Rada
June 26, 2022, 6:45 pm
0
150
An all-in-one wellness destination

Finance Secretary Carlos Dominguez III ordered the interagency Trust Fund Management Committee, which is tasked to oversee the utilization of...

Read more

Solar PH corners 70% of 2,000 MW supply offered under GEAP program

byAlena Mae S. Flores
June 26, 2022, 6:40 pm
0
302
SPNEC price up slightly in market debut

Solar Philippines captured the bulk of power capacities offered during the Department of Energy’s auction of 2,000 megawatts of renewable...

Read more

PNR resumes operations of San Pablo-Lucena commuter service, a decade after collapse of abutment

byDarwin G. Amojelar
June 26, 2022, 6:35 pm
0
163
Tugade refutes ‘Pandora Papers,’ claims offshore funds in SALN

The Department of Transportation said the operation of the Philippine National Railways San Pablo-Lucena Inter-provincial Commuter Service resumed on June...

Read more

Global body affirms SEC membership

byJenniffer B. Austria
June 26, 2022, 6:30 pm
0
138
SEC urges stronger cybersecurity steps

The Securities and Exchange Commission said over the weekend it secured membership in the Association of National Numbering Agencies—a global...

Read more

Stories you may like

  • Ex-Naga dad links Leni’s brother-in-law to illegal drugs

    Ex-Naga dad links Leni’s brother-in-law to illegal drugs

    36736 shares
    Share 14694 Tweet 9184
  • Of course, it was BBM’s project

    30875 shares
    Share 12350 Tweet 7719
  • INC endorses BBM, Sara

    28806 shares
    Share 11522 Tweet 7202
  • Duterte’s seven biggest achievements

    21922 shares
    Share 8769 Tweet 5481
  • Marcos leads SWS survey on presidentiables at 50%

    13583 shares
    Share 5433 Tweet 3396

Print Edition

View More

Recent Posts

  • Booster for kids 12 to 17 put off
  • Filipina Queen
  • 5 killed, 2 missing in boat mishaps off Bohol, Bataan
  • WHO: Monkeypox a deeply evolving threat
  • Guevarra to let his successor complete review of drug war
  • Supporters, fans flock to ‘Salamat, PRRD’ concert
  • BBM says family in transition, prays for good weather
  • AFP spokes heads PSG, senior aide to the President

Advertisement

Latest News

Supporters, fans flock to ‘Salamat, PRRD’ concert

byManila Standard
June 27, 2022, 12:35 am
0
206
Supporters, fans flock to ‘Salamat, PRRD’ concert

Heavy rains did not dampen the spirits of thousands of supporters and fans of President Rodrigo Duterte who attended the...

Read more

BBM says family in transition, prays for good weather

byRey E. Requejo
June 27, 2022, 12:30 am
0
193
Quezon beauty is Ms. Global, first for PH

President-elect Ferdinand Marcos Jr. said he is praying for good weather when he takes his oath as the 17th President...

Read more

AFP spokes heads PSG, senior aide to the President

byManila Standard
June 27, 2022, 12:25 am
0
177
AFP spokes heads PSG, senior aide to the President

President-elect Ferdinand Marcos Jr. has chosen Armed Forces of the Philippines spokesman Col. Ramon Zagala as acting commander of the...

Read more

Biden says G7, NATO must ‘stay together’ against Russia’s war

byAFP
June 27, 2022, 12:20 am
0
142
Biden delays possible trip to Saudi Arabia, Israel: report

US President Joe Biden on Sunday praised Germany's Chancellor Olaf Scholz for his leadership in the wake of Russia's war...

Read more

Covid-19 sets back poverty reduction

byManila Standard
June 27, 2022, 12:15 am
0
142
Covid-19 sets back poverty reduction

"The number of Filipinos in poverty has now risen to over 26 million, just under 25 percent of the population"...

Read more

Advertisement

ADVERTISEMENT
Facebook Twitter Instagram Youtube

ABOUT US

Manila Standard

Manila Standard website (manilastandard.net), launched in August 2002, extends the newspaper’s reach beyond its traditional readers and makes its brand of Philippine news and opinion available to a much wider and geographically diverse readership here and overseas.

Digital Edition

In tone and content, the online edition mirrors the editorial thrust of the newspaper. While hewing to the traditional precepts of fairness and objectivity, MS believes the news of the day need not be staid, overly long or dry. Stories are succinct, readable and written in a lively style that has become a hallmark of the newspaper.

Download – Today’s Paper

Search

No Result
View All Result

6th Floor Universal Re Bldg., 106 Paseo De Roxas cor. Perea Street, Legaspi Village, 1226 Makati City Philippines

Trunklines: 832-5554, 832-5556, 832-5558

© 2021 Manila Standard - Designed and Developed by Neitiviti Studios.

No Result
View All Result
  • About
  • News
    • Top Stories
    • National
    • World News
    • Pinoy Abroad
    • Features
  • Opinion
    • Editorial
    • Columns
    • Soundbytes
  • LGUs
    • NCR
    • Luzon
    • Visayas
    • Mindanao
  • Business
    • Corporate
    • Economy & Trade
    • Stocks
    • Money
    • Agri & Mining
    • Power & Tech
    • IT & Telecom
  • Sports
    • Basketball
    • Volleyball
    • Fightsports
    • Active
    • Sports Plus
    • One Championship
    • Columns
  • Entertainment
    • TV & Movies
    • Celebrity Profiles
    • Music & Concerts
    • Digital Media
    • Columns
  • Lifestyle
    • Food
    • Culture & Media
    • Fashion
    • Health and Home
    • Leisure
    • Shopping
    • Columns
  • Pop.Life
    • Newsmakers
    • Hangouts
    • A-Pop
    • Post Its
    • Performances
    • Malls & Bazaars
    • Hobbies & Collections
  • Technology
    • Gadgets
    • Computers
    • Business
    • Tech Plus
  • MS ON THE ROAD
    • Sedan
    • SUV
    • Truck
    • Bike
    • Accessories
    • Motoring Plus
    • Commuter’s Corner
  • Home & Design
    • Residential
    • Commercial
    • Construction
    • Interior
  • Spotlight
  • Gallery
    • Photos
    • Videos
  • Events
    • Seminars
    • Exhibits
    • Community
  • Biyahero
    • Travel Features
    • Travel Reels
    • Travel Logs
  • Pets
  • Advertise with Us

© 2021 Manila Standard - Designed and Developed by Neitiviti Studios.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Install Manila Standard Web App

Install App