The following story appeared in the August-September 2022 issue of Inquirer RED and has been edited for length and clarity.
Victor Consunji is the CEO of Victor Consunji Development Corporation (VCDC).
Every few years since the early 2000s, things about NFTs, blockchains, and crypto, [the technology has] It gains and loses momentum. Like Bitcoin, it is speculative, which is why many are enthusiastic about it. People buy bitcoin because they think the value will go through the ceiling. And other coins too.
I believe that for anything to be of value it must be used in the real world.
That’s actually what got me interested in cryptocurrencies. I believe that for anything to be of value it must be used in the real world. So if you can’t buy anything with Bitcoin, you can’t say Bitcoin is worth $20,000. You can buy Bitcoin, but you can’t use it to buy anything else. At least not efficiently. Also, if the value is not stable, it will not tell you the value.
After saying this, with all the hype around, [the technology has been] It’s just a little bit more mainstream. On the other hand, the technology behind it is very useful. The blockchain behind it and its ability in responsible hands as a means to achieve a paradigm shift in the way we do business and interact. is to have
And that’s why we started investigating all NFTs and blockchains and cryptos. Technology, just like the internet has changed things and continues to change it, I think blockchain will do the same.
The internet is what we use to communicate and find information, but blockchain will change the way we transact and secure our transactions and contracts. It is essentially the digitalization of what we do on the legal side.
There is this archaic system of legal documents. In the Philippines, everyone must sign every page. If you really think about it, what is it that binds you to this piece of paper? Do you mean? The point is that we don’t really hold the paper accountable for anything. That’s exactly what you did and it’s symbolic. Ultimately, the written commitment resides in the minds of all parties involved. And that piece of paper is just a reminder of what you are committed to.
So we got this system that we’ve had for a long time — from putting charcoal on stone to eventually moving to papyrus and finally to actual paper. .
Why can’t it be digitized? This is the next step.
The dilemma everyone had with digital trails is that they are less specific and much easier to navigate. I had no confidence. But blockchain technology has the ability to verify. As technology became more understood, it became available as a tool to secure contracts, commitments, and all.
Let’s move away from the hype and take a look at technology. This technique is incredibly useful. The hype goes.
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