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The following story was published in Inquirer RED\u2019s August-September 2022 issue and has been edited for length and clarity.<\/em><\/p>\n Victor Consunji is the CEO of Victor Consunji Development Corporation (VCDC).<\/span><\/i><\/p>\n The thing about NFTs, blockchain, and crypto, every couple of years since the early 2000s, [the technology has] been gaining and losing momentum. A lot of people get hyped at it because it\u2019s speculative, like bitcoin. People buy bitcoin because they think the value will shoot through the roof. And other coins as well.\u00a0<\/span><\/p>\n I believe that for anything to have value, it has to have real-world use.<\/span><\/p>\n<\/blockquote>\n That\u2019s actually what turned me off about crypto. I believe that for anything to have value, it has to have real-world use. So you cannot tell me that a bitcoin is worth $20,000 a coin when you can\u2019t buy a single thing with it. You can buy bitcoin, but you can\u2019t use it to buy anything else. At least not efficiently. And also, you can\u2019t tell me the value when the value can\u2019t hold steady.<\/span><\/p>\n After having said this, with all the hype around it, [the technology has been] kind of easing into the mainstream just a little bit. The technology behind it, on the other hand, is incredibly useful. The blockchain behind it and the ability of this blockchain in responsible hands as an instrument to have a paradigm shift towards how we do business, and how we interact. This is what I\u2019m primarily interested in.\u00a0<\/span><\/p>\n And that\u2019s why we started exploring all of the NFTs and blockchain and crypto. I think that the technology, just like how the internet changed things and continues to do so, the blockchain will do the same thing.<\/span><\/p>\n While the internet is something we use to communicate and find information, the blockchain will change the way we transact, and how we secure transactions and contracts. It\u2019s essentially the digitization of what we do on the legal front.\u00a0<\/span><\/p>\n We have this archaic system of legal documents. In the Philippines, everyone has to sign every single page. If you really think about it, what\u2019s holding you to this piece of paper? It\u2019s a bit of ink out of your fancy ballpen on a piece of paper. How does ink or paper signify a commitment? And the bottom line is, you\u2019re not actually making the piece of paper responsible for anything. That\u2019s just the action that you did, it\u2019s symbolic. Ultimately the commitment of whatever\u2019s written down exists in the psyche of all parties involved. And that piece of paper is just a reminder is what it is you\u2019re committed to.<\/span><\/p>\n So you\u2019ve got this system that we\u2019ve had for eons \u2014 Ever since we\u2019ve had charcoal on a piece of stone, eventually moving into papyrus, eventually moving into actual paper.\u00a0<\/span><\/p>\n Why can\u2019t it be done digitally? This is the next step.<\/span><\/p>\n And the dilemma that everybody had with the digital trail is that because it\u2019s less tangible, and so much easier to manipulate. The confidence wasn\u2019t there. But blockchain technology has the ability to verify. As the technology is more understood, it now becomes a possible tool for you to secure contracts, commitments, and everything else.<\/span><\/p>\n Let\u2019s stay away from the hype and look at the technology. The technology is incredibly useful. The hype will come to go.<\/span><\/p>\n<\/div>\n !function(f,b,e,v,n,t,s) !function(f,b,e,v,n,t,s)\n
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