CODE_n CONTEST // Meet the FinTechs: Secure transactions with Blockchain
Curious to find out what’s the story behind the terms “Trusted Web” and “Web x.0”? Find it out in the next part of our blog series, introducing our “Applied FinTech” finalists of the CODE_n CONTEST. With their innovative solution, the German FinTech Blockchain Helix overcomes the problem of anonymous vs. legally secure transactions. Oliver Naegele, Founder & CEO, told us more!
Oliver, what is Blockchain Helix all about? How did you come up with the idea?
Oliver Naegele: Blockchain Helix is a Blockchain architecture that overcomes the problem of anonymous vs. legally secure transactions. We do this, by introducing an Identity management that handles privacy. We can streamline any KYC process and manage the user accounts with our technology.
We are driven by the fact, that Web 2.0 has data leakages and loss of data self-determination. Internet nowadays is not suitable for an internet of values and transactions. That´s why we need an approach to give back trust and our long work with blockchain and portal-solutions leads to this.
“Digital Disruption“ – that’s the motto of this year’s CODE_n CONTEST. What makes your solution innovative, what makes it disruptive?
Oliver Naegele: We are working on a technology that we call “Trusted Web“ or “Web x.0“. Our Helix technology gives us the capabilities to have privacy and security by design. Blockchain is a true gamechanger and the way we want to introduce it for everyday and everybody use and hide the disturbing wallet-usage is disruptive.
You’re one of the 13 finalists in the Applied FinTech contest cluster. Which challenges do you think young companies have to face in this sector? How do you handle these challenges?
Oliver Naegele: FinTech Startups more than any other sector (besides biotech) have to be more serious in business and has to deal with a very slow moving industry. This is a challenge as well as an advantage. Our very special challenge is that we are exploring the capabilities on a very early stage. Every Blockchain Technology like Hyperledger, Ethereum is public beta and evolving fast. This leads to higher development demands and workarounds. To overcome the fear of a new technology we do Blockchain events at our office and run the BlockchainLAB as an open dialogue platform.
As we understand it, there are an endless number of use cases in which Blockchain could play a role – not all of which will become reality. Where do you see the best potential?
Oliver Naegele: Blockchain has a very high potential in the field of trust, micropayment, IoT, identity management & KYC or supply chains. The combination of these can be multiplied with the different industries like Finance & Insurance, Energy, Automotive, Public Services, Health Care, Real Estate, Logistics and Legal. So it is pretty obvious that we see a true game changer as Blockchain is changing the business models of existing companies and the possibilities and chances for new challengers. We want to boost it with our approach of the Blockchain Helix.
Thanks for the interview Oliver!