Blockchain is already making a mark on the financial industry, and even though its effects will be hidden from end-consumers, it will no doubt revolutionize a lot of industries. WBJ talked to Paweł Kuskowski, CEO of Coinfirm, about the applications of blockchain and the future of cryptocurrencies
WBJ: Blockchain has been called the biggest technological breakthrough since the invention of the internet. What is so revolutionary about it?
WBJ: How does it work?
A good example of a blockchain solution that creates new value for all stakeholders is the recently announced implementation of our Trudatum platform by PKO BP. Thanks to Trudatum, PKO BP could use the blockchain infrastructure for all its documents – tens of millions of documents a year. Every document recorded in the blockchain (e.g. proof of a transaction or the bank’s terms and conditions for a given product) will be issued in the form of an irreversible abbreviation (“hash”) signed with the bank’s private key. This will allow a client to verify remotely if the files received from a business partner or from the bank are genuine or if a modification of the document has been attempted.
WBJ: What can we do with blockchain now? How far is it from widespread implementation?
One of the effects visible for the customer could be better access to some existing services and lower prices, as one of the values of blockchain is cutting out third-party intermediaries from the value chain. Another positive effect is limiting the chances of fraud, especially the use of falsified documents
WBJ: Which industries do you think will use it first?
Blockchain is also very quickly changing other industries – media, advertising, gaming, IP rights protection and monetization, e-commerce and travel. Additionally, some private institutions like banks or big e-commerce businesses are at quite an advanced stage in the creation of their own digital currencies, which will revolutionize how we pay for things and exchange value.
WBJ: Is Poland going to play a big role in the blockchain revolution?
WBJ: Given the instability of bitcoin that we’ve observed this year, do you think the cryptocurrency market will continue to grow?
WBJ: Do you think national cryptocurrencies will become a reality anytime soon?
A global blockchain regtech leader, Coinfirm serves as a foundation for the safe adoption and use of blockchain. With user including major cryptocurrencies like Dash, ICO’s, and banks, the Coinfirm AML/KYC Platform uses proprietary algorithms and big data analysis to provide actionable data and reports that increases efficiency, reduces costs and streamlines compliance to near automation. In addition, Coinfirm recently released their AMLT Token to allow for market participants to help rate good and bad actors in the economy, increasing safety, security, and democratizing the financial system.
Interview published on May 18,2018 by WBJ.