Vlad Centea, CEO of Morfin, tells us more about his collaboration with Infrachain and discusses the advantages of the Blockchain technology.
When and why did you join the Infrachain initiative?
I joined the Infrachain initiative almost from the beginning. Everyone who wants to develop products in the blockchain space is always on the lookout for support hubs. Hubs are important because that’s where you find resources (especially information and people). You want to look up some information about legal requirements, you go to your hub. You need to contract services, you go to your hub and inquire about who does what and about the quality of their services. When you work in a niche like blockchain, being part of a community is part of the development process. It keeps the information flowing. The only thing is that you find an initiative that aligns with your beliefs. To us that was Infrachain. They are loyal to blockchain values, they are active and rich in human resources. We contribute there as well. It creates a healthy ecosystem, based on symbiotic behavior.
What are the challenges you are currently facing when it comes to the development of concrete Blockchain applications?
For every challenge, there is always a talented person who can pitch in and make things work. So challenges are mostly the fun “let’s solve this puzzle together” kind of deal. We have great programmers, we are working hard on marketing and product development.
At the moment we are very focused on the legal framework, because we are soon entering the STO stage. So the problem statement sounds a bit like this: create trust with institutions and investors. We have to cooperate in full with institutions while creating the highest level of protection for our investors. We will be compliant with FATF guidance (it clarifies how digital identity systems can be used for customer due diligence and transaction monitoring). At the same time, we don’t want to restrict the range of possible on-chain operations. We want to respect the privacy values inherent to the blockchain – protection of personal data, freedom of operations, trust.
What about their main advantages and opportunities?
As I said before, with Infrachain, you are part of a valuable community. They have some very smart, very productive people who come from different backgrounds. This means an outside look on your product, solutions from technical or legal perspective, fresh eyes and everything out-of-the-box. When you are in tech, these are the things you appreciate the most, they bring the most value to your project. More importantly, people are willing to help, everyone contributes openly in one way or another. It speaks volumes on what it means to be part of a decentralized, free community.
According to you, where will Blockchain be the most efficient? How and why?
Payments is the obvious one, but it’s a layered topic. Right now most people see the blockchain as a transaction settlement layer – mainly reserved to trustless payments. I see a brighter future for it from the perspective of smart and programmable money. You don’t just want to get those “under the hood” features. Clients want to feel with their fingertips that the way money works has changed. They don’t necessarily care that there is some code underneath that does the same thing differently. It has to translate into more features, smaller fees, more freedom.
There are many challenges to overcome until we will be able to use blockchain at full speed. There’s a long road to seeing the “oracles” mature enough to be trusted. Regulations also need to connect the rest of the dots. Right now, blockchain is isolated from the real world in terms of regulations and connectivity to existing infrastructure in general (and I don’t mean just the financial infrastructure).
What is needed to really kickoff the adoption of Blockchain?
Blockchain is a huge leap. It’s disruptive and transformative. People, especially developers, need to accept that change comes at its own pace, it’s not as radical as we want it to be. Radical can be destructive instead of disruptive and people need time to adjust, mentally, economically and in terms of mindsets. Before implementing all the amazing ideas, we need to connect with a currently existing infrastructure (legal and technological), so that we can iterate and perfect what we have.
Next comes the maturity of this amazing tech at protocol level: consensus mechanisms that scale, that are economically balanced to be sustainable in the long term, improvements in terms of privacy regarding fraud prevention, regulation and the list goes on. Everything has to meet in the middle. In the end, we need to pack it in a form of technology that works for consumers – meets their needs, is easy to use and is approachable. We will definitely have that and more in ten years’ time. Sooner if we collaborate with other developers, with institutions and existing businesses. Later if we assume everyone has the worst of intentions and is out to get us.
Too often, software engineers hit a wall when they try to explain the value of this technology to users. People don’t care about the “under the hood”. They want practicality, they want to see how their operations will be streamlined by using an app or another. Your mobile phone doesn’t market itself as a bundle of hardware and software, it tells you about the freedom you get once you find the perfect phone that suits your needs. Why would we treat blockchain differently?
Published on January 6th, 2020 on https://www.itone.lu/actualites/regulations-need-connect-rest-dots