Currency times , was in conversation with “Yusuf Berkan Altun , the founder of inqube – visible trust.and Advisor of THE STONE COIN AG.He’s specialised to adopt blockchain technology in governments and also with different regulations. In this Interview , Mr Altun is going to share his personal thoughts on blockchain technology .
Q1. What are your personal thoughts on blockchain technology and how do you think it can help areas such as banking, real estate, land digitization?
Let’s not specialise only on blockchain. The distributed ledger technology (DLT) is a revolution in my eyes. Bitcoin made it possible to bring the attraction to the DLT, which is not a new technology actually. If you read the book “The Eternity Service” by Ross Anderson, which he wrote 1996, he was almost talking about these days. Maybe the Technic is different, but the goal is was still the same. DLT is leading the world in a new direction, where the citizens will have the control of their own data. Internet made our life easier, DLT will make it safer. So, the safety is first but there is a lot beneficial points in this technology. Like data’s can’t get lost or can’t be manipulated. There can be a lot of manipulation in real estate industry and the DLT is going to be the cure for this.
In the 15th century, when the banking sector has been found and taken over by the Medici family in Florence, it did not only develop its products for more than 600 years, it also created a strong confidence structure against its customers. However, the global crisis, which started in 2008, caused a significant change in consumer attitudes towards the banking and finance sector. This is also another reason why everybody is looking for an exit(bitcoin). I hear a lot that blockchain will interrupt banking industry, but my own opinion is that it’s not going to harm that much. DLT is also a way to make bank transactions efficient, fast and at a lower cost. I wish a world where I can send money to my family somewhere else in this world and don’t have to pay 20% transaction fee.
And we are almost there.
Q2. How does your government envision itself using the technology and in which fields?
I would start a new commission to develop and extend the DLT technology. At the same time, I’d start to implement the technology to the most important sectors as health data records and juridical cases.
Q3. Will the Dubai government, in the near future, consider allowing cryptocurrencies to be part of the economy?
Dubai is the most futuristic cities of the world. His Highness Shk. Al Maktoum turned a desert into a world metropole. I can’t see any other city to let this through. They were planning to bring out the emCash, but to let a (crypto)currency be a part of the economy should be planned and strategized near to perfect. They are maybe not going to be the first state but will take the lead and develop a masterpiece on it.
Q4. There has been a lot of negative sentiments surrounding ICOs. Do you believe they need to be regulated so that people don’t invest in fraudulent ones?
I am a two-way thinker in this case.I strongly believe that a entrepreneur should be learning by investing wrong. It’s the first step to success to learn what you SHOULDN’T do. ICOs bring out a lot of important entrepreneurs. I think the way how they came also to success is by detecting what is wrong.
But the idea of an independent system that can control the fraudulent ICOs is also a very solvent point. FINMA made a step to this and we are going to see what will happen in the near-future, but we should keep in mind that this industry is still new and it will need time to get perfect.