The next story was revealed 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. Folks purchase bitcoin as a result of they suppose the worth will shoot via the roof. And different cash as properly. 

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 anything. No less than not effectively. And likewise, you may’t inform me the worth when the worth can’t maintain regular.

After having stated this, with all of the hype round it, [the technology has been] sort of easing into the mainstream just a bit bit. The expertise behind it, alternatively, is extremely helpful. The blockchain behind it and the flexibility of this blockchain in accountable fingers 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 serious about. 

And that’s why we began exploring all the NFTs and blockchain and crypto. I believe that the expertise, 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 data, the blockchain will change the best way we transact, and the way we safe transactions and contracts. It’s primarily the digitization of what we do on the authorized entrance. 

We have now this archaic system of authorized paperwork. Within the Philippines, everybody has to signal each single web page. In the event you 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 bit of paper. How does ink or paper signify a dedication? And the underside line is, you’re not truly making the piece of paper accountable for something. That’s simply the motion that you just did, it’s symbolic. In the end 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 obtained this method that we’ve had for eons — Ever since we’ve had charcoal on a bit of stone, ultimately transferring into papyrus, ultimately transferring into precise paper. 

Why can’t it’s accomplished digitally? That is the subsequent 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 arrogance wasn’t there. However blockchain expertise has the flexibility to confirm. Because the expertise is extra understood, it now turns into a potential software so that you can safe contracts, commitments, and every little thing else.

Let’s keep away from the hype and take a look at the expertise. The expertise is extremely helpful. The hype will come to go.

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