THERE used to be a time when they would say “American Express, don’t leave home without it,” but very soon, they may be saying that about cryptocurrency as developers rapidly recognize the potential of a system that requires no currency exchange.
Oneness in travel indeed.
Cryptocurrency is actually a new kind of technology, and technologies emerge from a need to solve problems. We invent things to solve problems. Cars, airplanes, telephones, etc. So, what problem do cryptocurrencies solve?
Miguel Cuneta of Satoshi Citadel Industries said, “It’s called the Double Spending Problem. Basically, anything digital can be copied identically, making digital money easy to counterfeit and use more than once. The only solution we had was to have a trusted third party in between every transaction to ensure that the transactions were valid. The problem with this is that an even bigger problem arose—the problem of trust. These centralized third parties became central points of failure.”
Cuneta added, “With the advent of blockchain and cryptocurrencies, the end result is that the cryptocurrency sent is received by the other person without needing to trust the first person or needing to be face to face with him or her. All of this happens automatically and programmatically, within seconds, with settlement happening within minutes.”
With cryptocurrencies representing a paradigm shift in the way people engage in trade and commerce, we can only imagine the impact this technology can have in unlocking travel to the farthest corners of the world.
Have you, at one point, found yourself in a beautiful destination off the beaten track that you would want to indulge in but weren’t able to because the cash you brought with you wasn’t enough? And that there are no ATM facilities nearby or a money changer. That’s a bummer, right?
But now, technology has found an answer for that. For, as long as you have your electronic wallet with sufficient Bitcoins, you’re good to go.
Welcome to the world of cryptocurrency.
A couple of days ago, I had the privilege of returning to Japan for the first Philippines-Japan Forum organized by the Noah Foundation and was in the company of cryptocurrency, block chain technology and Fintech rockstars.
Japan is the perfect venue for this forum—it is the global powerhouse in cryptocurrency. Its people have completely embraced the use of Bitcoins in their daily lives. Whether they are paying for their nail service, massage, shopping, even for grubs and drinks—there are thousands of establishments in Japan that now accept Bitcoin as payment.
ANC’s Cathy Yang was with us during the Japan trip and was thrilled when she personally experienced her first Bitcoin transaction for a massage.
Cathy shared, “The process is straightforward and efficient. I just downloaded the app to open my Bitcoin wallet, the amount is shown, and I just select pay and payment is transmitted.” The transaction was done in a matter of seconds.
“Blockchain is actually not revolutionary, it’s evolutionary. Ever since money started, ever since money was taken off the gold reserve, we’ve been moving forward to this direction for the longest time.”
Arvie de Vera, head of fintech and partnerships at the Union Bank of the Philippines, gives his view on how the traditional financial industry should adapt to the rapid rise of blockchain and cryptocurrency technologies: “The banks are building more branches, putting up more ATM machines; that’s the direction the banks are taking, and that’s not what the consumers want…”
“We are building a blockchain-based network, we are going to onboard the rural bank into a blockchain network and there we will be able to send funds to each other real time. With that network, rural banks and their customers can now have access to universal banking products and services. At the same time, rural banks who are in those far, flung areas can now offer their counters their connected networks to banks, nonbanks…. That is the vision of what we are trying to build.”
And, yes, the Philippines will soon be crypto-powered, too, and it will start in Mindanao, specifically in Dakak, one of the first travel destinations that will start accepting NOAH Coins.
NOAH Coin Director Josef Werker said, “Those who have acquired NOAH Coins need not worry anymore about yen or pesos when they visit Dakak. They can use their NOAH Coins to pay for everything, get discounts, freebies and special experiences that you can’t get if you paid in cash.”
He explained that the NOAH Coin is inspired by the Hong Kong octopus card that allows tourists to many points of access to shop, transportation and entertainment.
The NOAH Foundation will also be building a NOAH City in Horizon Manila and definitely where NOAH coins will be the primary mode of payment.
“Our efforts are firmly planted in a forward-facing vision of the Philippines—One where traditionally overlooked regions suddenly tap into the world economy. Where the perennially impoverished can finally taste prosperity without having to leave their homeland and families behind,” Werker added.
The vision of the NOAH Foundation, according to Werker, is to empower opportunities with an economy augmented by cryptocurrency.
Japan’s cryptocurrency evangelist Tadashi Izumi, NOAH Coin marketer, said that NOAH coin will be beneficial for both the Philippines and Japan.
“The Philippines has many social issues, and we hope to use the NOAH coins for the betterment of the Philippine society,” Tadashi added.
Rep. Bullet Jalosjos of the First District of Zamboanga del Norte whose family owns the Dakak Beach Resort, is overjoyed that NOAH Foundation has chosen Dakak, in Dapitan, Zamboanga del Norte, as part of the NOAH ecosystem.
He said they’re excited to experience a boost in Mindanao tourism latched on tokenized payments.
What these guys at NOAH Foundation are doing is a solid case for cryptocurrencies helping communities, and I am just so overjoyed that they fell in love with Mindanao as the first region to experience cryptocurrency here in the Philippines.
So, for wanderlusts like me, welcome to the future of travel where you just need to store Bitcoins in your electronic wallet, and you’re all set to go.