Welcome to our comprehensive interview series – Humans of Blockchain™ where we get the best and brightest to answer a diverse set of questions.
This series will attempt to clear the air of doubt in the Blockchain space today by focusing on bringing more transparency to the readers.
Our guest, today, is Clifford To CPA, CA, CEO at Octera Technologies Ltd.
Clifford is the founder and a member of the core executive team at Octera Technologies who are currently developing a Complete Business Integrated Blockchain Solutions (CIBBS©).
Not wasting much time, let’s hear it out from Clifford himself.
1. We would love to hear more about you and your vision which led you towards exploring Blockchain?
I am Clifford To, an Accountant by profession and currently CEO of Octera Technologies.
I regularly participate in National and International events / conferences related to the Fintech Industry, all the while contributing towards rapid development in the Blockchain Industry. Blockchain will be a game changer for accountants, accounting industry and the finance industry as a whole.
For example, the accounting framework for virtual financial assets, has not yet been established by the profession, however, this will change in the near future. This industry needs experienced individuals who are familiar with the blockchain technology to assess the impact of this emergent technology on their profession, how things are done and how things will be done in the future.
2. Can you tell us more about Octera Technologies? The vision and mission
Octera Technologies ventured into the Blockchain and AI space because we see a lot of issues in different segments with the existent systems. The technology governing Bitcoin & Altcoins – Blockchain, carries the power to solve many of the issues related to cost, transparency, immutability, enhanced security and most importantly: trust. Our efforts converge into developing a future-proof and Complete Integrated Blockchain Business Solution (CIBBS©) for businesses around the world regardless of size, type or jurisdiction. CIBBS© platform will be a comprehensive, easy to implement and use solution, fully modular – to adapt to any business size and budget – and harvesting the benefits of blockchain: security, transparency and immutability which will provide more trust, automation and value to business owners, accountants and governments around the world. CIBBS© will be capable of handling both types of transactions, fiat and crypto, in the right sense bridging the gap with the future of globalized economics.
3. The recent market crash has instigated fear in the market, not just for investing in Virtual Financial Assets but also for the technology. What are your views?
The recent market crash has indeed instigated a lot of fear, this has been partly due to lack of investment education and risk management. The crypto-market is still an emergent market, yet to mature. Many of the existent virtual assets are either over-valued (still) or carries no value at all; plenty of copy-cat projects with no real-life applicability. What is happening now is that a lot of people that were in this market for the wrong reasons are leaving – which can only mean good news as the hype is cooling and the assets are approaching their intrinsic value.
However, we at Octera Technologies believe that regardless of the market conditions, a solid project, with real-life applicability eventually will attract the right investors and supporters.
4. Blockchain is an upcoming disruptive technology. How important is regulation considered in your execution?
Again, education is the key!
When we talk about Blockchain, it is very often associated with Virtual Financial Asset, and regulation is a key aspect towards implementing any technology especially when it can be a potential disruptor for traditional establishments. Some regulators are increasingly paranoid with blockchain technology as this will definitely affect many vested interests. This technology is built on how data is stored be it financial or non-financial data. Blockchain itself is a technology (a protocol for distributed database or ledger) and not a financial instrument – unlike cryptocurrencies which are simply-said applications on top of a Blockchain. But because it enables immutable peer-to-peer trust without the need of a central authority, it can be seen as a threat for the current financial establishment.
Nevertheless, the need for regulation across the world would be an important aspect in the development and adoption of Blockchain technology and its applications.
5. Is Octera planning any ICO/ STO in the near future?
We are working on one, because creating a platform like CIBBS© requires a lot of resources for research and development – especially for the blockchain and AI integration. We do understand that there have been a lot of “empty” projects which were artificially hyped in the market and in which, again due to lack of education, investors have faced exponential losses. But let’s not forget that the same lack of education will most certainly result in exponential losses in any type of other financial segment. However, projects which are sustainable and solve current life issues will attract the right supporters and necessary funds to deliver.
6. What are some Blockchain use cases/ projects today which you feel carry the potential for changing the future?
Blockchain is a technology which was invented to handle data, so there are ‘n’ number of use cases which can benefit from Blockchain:
- Public trust
- Tokenized assets and much more.
Some of these use cases are at the core of our CIBBS© platform.
7. How can adoption be improved for the Blockchain technology?
Blockchain Technology is a disruptive tech but it needs to be driven by seasoned users for actual implementation and adoption. This requires education as that is also an integral factor for any new technology. Educational institutions should start integrating this new technology into their curriculum at an early stage as it has been done for the Internet. But we all know that the current worldwide education system is falling behind in keeping in pace with new developments – especially in the tech area.
8. What challenging factors are being faced by your company at the moment on Blockchain?
We are still testing and experimenting in terms of choosing the right blockchain / consensus algorithm but this questio, if it is more on project technicalities, will probably be better answered by my CTO – Leonard Cucos. For sure the answer will be exhaustively presented in our whitepaper once is officially released (January 2019).