- Decentralized internet will lead to a new generation of social media
- Blockchain has ability to give users control over personal data and content
- Blockchain market will continue to grow and evolve into new technology
INTERVIEW TRANSCRIPTS: Sasha Ivanov, CEO of Vostok interview with Matt Bird
Matt Bird (Show Host, Traders Network Show): 00:00
Welcome back to the Traders Network Show. I’m your host, Matt Bird. We’re here with Sasha Ivanov and we’re talking blockchain. So, before we cut to the to get to the commercial break, we were talking about web 3.0. Let’s dive into web 3.0 and what does that look like for the retail audience and consumers out there? Because a full deployment retail is not really going to see blockchain, it’s an invisible, like you say, database that’s going to create things that didn’t exist before. But what does that look like for the average person out?
Sasha Ivanov (CEO, Vostok): 00:50
Yeah, I think it’s time now to move over to some new generation of for example, social networking. Yes. So, you probably know about the problems that happen on social networks have privacy with privacy data and we have a 3.0 promises to actually do away with those problems. And you’ll be able, for example, as a user to control all the content and all your private data. So, nobody’s going to be able to monitor and collect your behavior, for example.
Matt Bird (Show Host, Traders Network Show): 01:06
Without you giving them permission first. Is there a compensation for use of that data?
Sasha Ivanov (CEO, Vostok): 01:10
Probably you can just call it your own data and then they can sell it. If you don’t sell it, nobody can use it. So it’s pretty simple. I know how many people understand this, but already there is a market for this because not all people care about privacy, about private data, but some people do care already and you have this market and it’s growing bigger and bigger because everybody here cares about those issues with our social networks. With hurricane, it’s a legitimate access to a user’s data and people understand that all the central systems are a little bit obsolete and you have to move to something else.
Matt Bird (Show Host, Traders Network Show): 01:50
How can companies adopt this today? So, if you’re a large enterprise and I’m looking at it, they’re very blockchain, what is the process of those companies have to go through? Because there is obviously an architectural engineering feat that they have to overcome. What are the companies need to be doing to prepare for his move into web 3.0?
Sasha Ivanov (CEO, Vostok): 02:09
I think this is mostly a problem of understanding because you don’t really understand whether you need this at all. So, you need to understand your benefits and you probably need to understand that it’s quite inevitable because there is like we are development from those centralized systems to more decentralized to better architecture and there’s going to be happening in any case.
Matt Bird (Show Host, Traders Network Show): 02:32
So, evolution of databases, hardware devices, but we haven’t seen it like we have a legacy database. Right. All right, interesting. So as the blockchain begins to build, then you build machine intelligence and layers on top of that blockchain. I guess if I get an accurate analogy, Excel and then the pie charts that you put on top of that so you can get of those and so and so forth. What are your thoughts on the front-end marketplaces that are being developed? We see a ton of ICO’s out there. And you were heavy on the enterprise enabling these companies to find ways to monetize on tokenization. What about the companies out there that are focusing on ICO and not on the enterprise side? Is the byproduct of market today because of that, because they haven’t focused on the enterprise aspects.
Sasha Ivanov (CEO, Vostok): 02:48
Probably ICO’s are going to come back but they need some backing from the legal side. So now I don’t think we’ll see. Big ICLs actually had a pretty big, but it goes up the ICO rather than talking. So, you’re probably talking to sale for what the Vostok Project and we are trying to show new directions for this market because we are doing this only completely correct legal basis and we can work with investors. We are creating some pretty interesting corporate structure for it. So, this market is going to evolve into something new and differently won’t be the same as it was a year ago. But people understood that. It makes sense to try and raise money through talking issuance and it won’t die in it. It will still be there, but in some different forum and winning some support from government. In this case, governments are like France for giving them to not enemies because without the regulation, this whole market will just stop because you can’t have this market without some kind of investor protection because people will just lose confidence.
Matt Bird (Show Host, Traders Network Show): 03:37
Well, we’re seeing that strictly on the street, I mean, you can seed your endeavors as a parent. What are your three industries right now for blockchain and over the next two years, what industries are going to have the most amount of growth within the, within blockchain development? So, applications of the blockchain.
Sasha Ivanov (CEO, Vostok): 04:44
I think enterprise research like for big enterprise systems combined with internet of things with big data is artificial intelligence. Or we’re going to be seeing those projects where you can have settled, acknowledges this synergistic interaction between them for enterprise. For retail, I think we’re going to be seeing projects with identity on the blockchain definitely.
Matt Bird (Show Host, Traders Network Show): 05:32
So, you have an office in New York right now. You’ve got five other offices out there, about 200 employees. You’re now opening up in New York. What are your goals for 2019?
Sasha Ivanov (CEO, Vostok): 05:39
We’re going to be launching our enterprise solution, which is called “Vostok” and there’s going to be an open chain and corporate side chains. So I was going to be launched around summer this year and we want to operate a couple of applications for enterprise usage. We combined different because I think that we at this stage need to prove that blockchain in some kind of a fundamental technology on which other technologists can just well and blockchain just adds some value and create some synergy between the different technologies.
Matt Bird (Show Host, Traders Network Show): 06:14
Has Davos been productive for you?
Sasha Ivanov (CEO, Vostok): 06:16
Yeah, sure. Great networking here and many bright people.
Matt Bird (Show Host, Traders Network Show): 06:19
There are a lot of bright people here. What are some of the pitfalls of blockchain? What, for organizations out there looking at blockchain, what are some of the things that you are watching out for?
Sasha Ivanov (CEO, Vostok): 06:42
Basically, I have seen hundreds of blockchain pilots in different companies and people just trying to create a pilot and think that they can actually make something out, do it. But you know, if you don’t understand why in blockchain probably don’t need to start doing anything first. We need to understand if you really can use it somehow. So if there is some need for a block chain mutation in your company, you’re the race, you can proceed. Otherwise it would make sense because probably you can’t use blockchain for arresting eye shines. And in some settings, it’s not so obvious that you really should use it.
Matt Bird (Show Host, Traders Network Show): 07:10
Yeah, I’ve heard that. You know, obviously blockchain has become a lightning rod financially. A lot of people want to get into the industry because of the opportunity. But as you peel back the onion, you know, we’re hearing even people within blockchain saying, well, that’s probably not the best use case of blockchain, which is really interesting. Getting into other aspects of blockchain. And, and, and we’re working there. Where do you see the future of blockchain? Ultimately? I mean, let’s say the next 10 years is if SQL server’s sequel still going to be around in 10 years?
Sasha Ivanov (CEO, Vostok): 07:33
I’m not sure that blockchain is going to be around in 10 years from now. Really say sure. Because this is just a first technology which is somehow, you know, follows the new paradigm. Because now before humanity was able to create a totally decentralized systems, now it’s just your stereotype which in itself might be a pilot for something bigger.
Matt Bird (Show Host, Traders Network Show): 08:05
Kind of like AOL. It gave us dial-up for web, some SDS and that’s where it came in.
Sasha Ivanov (CEO, Vostok): 08:26
And I’m not really sure that blockchain is going to be there forever, but it’s, yeah, huge, huge proof and a perfect example of the possibility of the decentralized systems. This interpretation is going to be more and more on patent. Blockchain can stay there. It can be replaced by some new technology. But the idea of this termination that you have more like a harmonized and more fair systems.
Matt Bird (Show Host, Traders Network Show): 08:39
Like immutable record and be able to see shared custody and in those sorts of things. I mean, we’re seeing in that right now, I like to IBM this once a few initiatives on their own, on the agricultural side. They seem to be working fairly well. I know you guys have things similar to it, to Hyperledger that are that could accomplish what they do in, in much more. I’m excited to see what you’re doing in the States, what you’re doing. Spirit buildings have been pretty substantial in amazing. We’ll see what happens with blockchain about a year from now. And I love to catch up with you sometime between now and the next Davos, sound good?
Sasha Ivanov (CEO, Vostok): 09:12
Matt Bird (Show Host, Traders Network Show): 09:14
Awesome. You’re watching the Traders Network Show. I’m your host Matt Bird, we’ll be right back with our next guest, don’t go away.