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The next story was printed in Inquirer RED’s August-September 2022 difficulty and has been edited for size and readability.
Victor Consunji is the CEO of Victor Consunji Improvement Company (VCDC).
The factor about NFTs, blockchain, and crypto, each couple of years for the reason that early 2000s, [the technology has] been gaining and dropping momentum. Lots of people get hyped at it as a result of it’s speculative, like bitcoin. Individuals purchase bitcoin as a result of they suppose the worth will shoot by means of the roof. And different cash as effectively.
I consider that for something to have worth, it has to have real-world use.
That’s truly what turned me off about crypto. I consider that for something to have worth, it has to have real-world use. So you can’t inform me {that a} bitcoin is price $20,000 a coin when you may’t purchase a single factor with it. You should buy bitcoin, however you may’t use it to purchase the rest. Not less than not effectively. And likewise, you may’t inform me the worth when the worth can’t maintain regular.
After having mentioned this, with all of the hype round it, [the technology has been] form of easing into the mainstream just a bit bit. The know-how behind it, alternatively, is extremely helpful. The blockchain behind it and the flexibility of this blockchain in accountable palms as an instrument to have a paradigm shift in direction of how we do enterprise, and the way we work together. That is what I’m primarily fascinated about.
And that’s why we began exploring the entire NFTs and blockchain and crypto. I feel that the know-how, identical to how the web modified issues and continues to take action, the blockchain will do the identical factor.
Whereas the web is one thing we use to speak and discover info, the blockchain will change the best way we transact, and the way we safe transactions and contracts. It’s basically the digitization of what we do on the authorized entrance.
Now we have this archaic system of authorized paperwork. Within the Philippines, everybody has to signal each single web page. If you happen to actually give it some thought, what’s holding you to this piece of paper? It’s a little bit of ink out of your fancy ballpen on a chunk of paper. How does ink or paper signify a dedication? And the underside line is, you’re not truly making the piece of paper liable for something. That’s simply the motion that you simply did, it’s symbolic. Finally the dedication of no matter’s written down exists within the psyche of all events concerned. And that piece of paper is only a reminder is what it’s you’re dedicated to.
So that you’ve acquired this method that we’ve had for eons — Ever since we’ve had charcoal on a chunk of stone, ultimately transferring into papyrus, ultimately transferring into precise paper.
Why can’t it’s completed digitally? That is the following step.
And the dilemma that everyone had with the digital path is that as a result of it’s much less tangible, and a lot simpler to control. The boldness wasn’t there. However blockchain know-how has the flexibility to confirm. Because the know-how is extra understood, it now turns into a doable software so that you can safe contracts, commitments, and every thing else.
Let’s keep away from the hype and have a look at the know-how. The know-how is extremely helpful. The hype will come to go.
