Rethink Trust 2018: Gene Galanter, Interview
Recording: Rethink Trust 2018: Gene Galanter, Interview
Okay, Gennady, thanks for amazing talk and like my first question, what is your role in blockchain economy and what's the career path that bring you here? What was the career path that bring you like to working with the blockchain technology? Yes, so yeah our role in the blockchain ecosystem is we're a developer of what we refer to as a fabric, data management fabric. We use blockchain technology as just one of the components of the overall fabric. We effectively were in the centralized in the centralized application space and we consider blockchain as one of the enabling technology for it. Our objective is to build a fabric that can be used by our partners and clients to simplify their development process and to to expedite their time to market for building decentralized applications. Okay, thanks and now a lot of hype around blockchain technology. What's the like real business problems that you can solve with blockchain? Well our angle at the blockchain and decentralized management space in general is from the angle of data privacy and protection of personal information protection. So managing access to personal data, securing personal data, sharing personal data. This is our angle
So we're not approaching this from the cryptocurrency. We're approaching this from managing digital assets point of view. So we believe that in the core of our of our solution is a concept of a digital, a private digital vault that used to store all of your or of your digital assets including your driving records, including your DNA analysis and examples and and examples can be many but it's basically a vault in the cloud that you have control. So in in our philosophy and in the type of solutions we're approaching where we're trying to enable this sort of this sort of phenomenon as a personalized personalized digital vault available to you only to manage is in the core of all of our solutions. Okay thanks and now you're talking with a lot of like customers with potential customers. What are the qualities they like expect from the blockchain solution and how you can approach that? Well one of the things they are obviously expecting is they look at decentralized decentralized technology as a way to reduce their risks, their liability of compliance liability of managing their clients data. So a lot of our customers are asking themselves if offloading data and providing management control to their consumer is a better choice than store this data and serve as a magnet for hackers and and you know it's basically a way to remove remove reduce your liability for for compliance. Okay and what's the like a main technical or maybe another kind of challenge that you face it in working with the blockchain? I think I'm not sure if I can I can speak to technical challenges per se
My challenge is as an investor in this space and as a person who expects to monetize our investments. Our biggest challenge are the resources, qualified resources that understand smart contracts, decentralized technology. There is really very few of them and far between and so technology is one thing but the resources is you know it's a real challenge. If we had resources we would solve the technology challenges that in front of us. Okay and now we see like a lot of conferences, events which connected with the blockchain but what kind of real things as a community we can do like for the blockchain and enterprise? I think what's lacking today are standards and more importantly regulations around blockchain. The enterprises are hesitant to adapt this technology because the regulations are not yet clear. It's not clear if the blockchain contracts are accepted as legal documents. So I think a lot of legal aspects are in the way for corporations to adapt this technology and also it's very early stage
There is a high degree of uncertainty about the platform performance, its ability to withstand to hacker attacks. There are some major security flaws as we see in some of the crypto hacks. We're very confident about this technology being being here five ten years from now. So we consider ourselves an early investor and an enthusiast and an evangelist of this space. So we are really going at this. We realize that we are early but we're very excited to jump on the train and and protect our peace under our place under the sun. Okay and last question so what do you think about racing conference so far? Well I'm pretty amused as to the fact that we were able to organize this so far from our home office in Silicon Valley. We have experience organizing these events in in San Francisco Bay Area, Silicon Valley but this is our first endeavor to organize as such a massive scale event in in foreign country and our people did pretty well
I'm pretty impressed with attendance with how it's organized. The venue is brilliant. It has this feel of a church and what a proper place to evangelize our ideas. Okay thank you very much.