Interview With Co-Founder Of DATAVLT About Revolutionary Data Analytics Platform Based On Blockchain
Willy Wong, co-founder of DATAVLT&Kaiju Den Game studio told Blockspoint how blockchain can save us from Facebook and Google lurking and provide informational independence to everyone.
How have you got to know about blockchain?
I found out about cryptos in 2011. Bitcoin was around $15 back then. I used to be a gamer and had two powerful graphic cards. One of my friends told me that they were perfectly suited for mining. At some point, technologies became so much developed that people could start creating blockchain-based applications and platforms. That was the key point, which opened new opportunities for businesses. Such big players as Litecoin and Ethereum appeared on the stage and the new era began.
Are you working with cryptocurrencies at the moment?
We decided to move away from cryptocurrency and focus on data analytics (DA). We are aimed at using blockchain technology to segmentize the data. Right now we are mostly dealing with business data. We all know that large corporations have both money and capabilities to deploy expensive professional DA, but small companies do not. The gap between large corporations and small ones is huge, and we are trying to fill this technological gap. Our aim is to build secure information ecosystems to give businesses the opportunity to analyze data and make more cautious decisions.
What does your company actually do?
Basically, DATAVLT is an on-demand, self-service DA platform designed to provide our clients with an integrated overview of the state of their business based on available data. We take into account the complexity of DA. That is why we did our best to create a convenient, handy platform that could help users to easily manage information.
Is it possible to protect data from big companies, for example, Google or Facebook?
That is a good question. The problem is that data can still be collected regardless of whether users give their permission or not. When we visit a website or use an app, all our actions are tracked and stored. And blockchain can help us here. With the help of this technology we can segmentise sensitive information so that people could decide what to show and what to leave private. Blockchain will give you a possibility to hide your personal data from Google, or Facebook, or whatever. This is how informational independence looks like.
How can DA impact the development of businesses?
It is very helpful! For instance, if you want to open a new restaurant in Ukraine you will have to learn a lot about Ukrainian culture, weather conditions, client behaviour, and other tiny but at the same time important features. With blockchain, it can be made automatically. It can systematize data for different regions.
What are the main purposes of blockchain ecosystems?
Ecosystems now are a natural result of the blockchain growth. It is a community driven technology. Each sphere has its own rules and audience, so does blockchain. History abounds with many decentralized social groups, such as tribes and small kingdoms. Over time, large kingdoms rose above the rest ones and heavy centralised political machines appeared. Now our society as a whole moves towards a centralized economy. Blockchain allows to come a few centuries back in time, when people were more financially free and could freely operate with their own funds.
Some people still do not believe in blockchain. Any idea why?
In 2013, an online darknet market known as Silkroad appeared. It was a well-known platform for selling of drugs, guns and other stuff. It was the very first modern darknet market whose functional economy was driven by Bitcoin. Naturally, the bad news travel much faster than the good ones. So, Bitcoin is now often associated with illegal activities. Many people think that this cryptocurrency is an instrument for buying illegal products.
Unfortunately, blockchain equals to Bitcoin for some people. It’s difficult for them to look beyond Bitcoin and to see that blockchain is a unique and innovative technology. The world has to take some time for adoption. Right now, we are trying to show that blockchain is very useful. That is why we are creating new applications instead of just emulating of other projects. There are a lot of projects which are based on the smart-contract power. They are all limited by the features of this specific technology. We all know that Ethereum has some transactions limits. And we are waiting for a new generation of blockchain to come so that we could start exploring possibilities to build our own blockchain that matches our vision.
In what spheres can data analytics be used?
Before DATAVLT, I was engaged in a VR project. There are lot of Asian 90’s horror movies, which are considered to be a specific cultural phenomena in cinematography. We’ve tried to transform this cinematic world into a fantasy virtual world. It was an awesome project, it allowed to create a new reality. The next step, I think, is to implement data analytics into VR, where we can collect and analyze human behaviour and feelings to understand consumers better.
In the next few years, blockchain technology will continue to grow exponentially. We will likely see gamers jump into the blockchain community pool, lending their computer and graphics processing powers to validate related transactions. In return, gamers can get digital tokens for use.
We already have digital reality, digital assets. The whole world seems to turn into digital soon. Are you afraid of such perspectives?
I live in Singapore, so I suppose I could understand both East and West mindset. In the West, we have books like Isaac Asimov's, who has an apocalyptic point of view on moral values impact caused by technological innovations. Whereas in the East, they do not have such issues. They embrace new technology rapidly. For example, in China people have gone into cashless economy, and now almost every transaction is done through smartphones and QR-codes.
Why does Asia seem to be more engaged into blockchain projects?
Over the past few centuries, Asia had been lagging behind the West in regards to technology developments. The hunger to catch up with the Western counterparts is one of the motivational reasons why many Asian countries adopt new technology so quickly. On the other hand, some Asian governments adopt a light-touch policy when it comes to cryptocurrency and blockchain technology. For example, the Monetary Authority of Singapore is experimenting with Central Bank Digital Money using blockchain. However, I foresee that China will likely implement their national cryptocurrency very soon, given that it would be a natural transition for them since cashless payments are already a part of their economy.
Does your company have any plans for the nearest future?
We are finishing the MVP and engaging our Singapore partners to pilot test our platform. At the same time, we are actively recruiting more new partners from all over the world who are interested in pilot test with us. We also discuss the possibility to work in collaboration with some Ukrainian blockchain companies. We are pleasantly surprised that our project is interesting to some countries of Eastern Europe, such as Romania and Ukraine.