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Thought Leaders in Financial Technology: Yossi Peretz, CEO of Stox (Part 4)

Posted on Thursday, Apr 26th 2018

Yossi Peretz: Blockchain is much more secure at the moment, but it has a lot to evolve. Even in the basic tools for developers, the concept itself is very advanced but the tools are just at the beginning. That’s part of the approach of sharing knowledge. Once people continuously share knowledge, this field will definitely keep evolving.

Part of the problem of explaining what Blockchain is that it’s not part of our lives. It’ll be like going back 30 to 40 years and explain what is the internet. If you’re not accustomed to it, it’s very hard to explain but the acceleration today is much faster than the fast. In one or two years, we’ll start seeing applications. It will start being part of day-to-day lives either in finance or information that we store.

Once it’s part of our lives, it will be much easier to understand and will be taken to the next step where everybody adopts it. The other problem with Blockchain is, at the moment, the flow and the solution is not advanced. If somebody wants to work with Blockchain or buy a cryptocurrency, it changes the way of working than the regular technology. You have to work in a way that is, at the moment, much more suitable for technology-oriented people.

We want our user base to be completely agnostic that the platform is sitting on Blockchain. If you’d ask somebody five years ago, “Do you know where the service is – cloud or database?” Nobody would know.

At the moment, everybody is agnostic. You don’t even know where they are. It could be that you’re working at a company in the US but your service is in Germany. That’s why we’re trying to make the platform to be agnostic. Part of our goal is not just to target crypto-technology oriented people.

We’re aiming for the mainstream audience. Even if a person doesn’t know anything about the technology, he should be able to work on a platform that is easy to use. We’re focusing a lot of on UI and UX to make it easy and approachable to the mass market.

Sramana Mitra: Wonderful. Obviously, Blockchain is very early. In our portfolio, we’re seeing Blockchain applications and concepts come up. I think it will be a few years before we see the full impact of that, but it’s extremely interesting to see what’s happening at the moment.

Yossi Peretz: I agree. Blockchain is not just a technology. Blockchain forces transparency. Once a technology forces transparency, it also changes the mind of people. It’s like putting your database out in the open. By collaborating with the crowd, you’ll achieve a much better product and platform.

Sramana Mitra: It just opens up a whole different range of use cases that are not possible without some sort of a trusted brokering engine in the middle.

Yossi Peretz: Right.

Sramana Mitra: Great. Thank you for your time.

This segment is part 4 in the series : Thought Leaders in Financial Technology: Yossi Peretz, CEO of Stox
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