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Credits CEO Sees Potential In Non-Financial Use Cases For Blockchain Technology
Credits, the blockchain infrastructure provider, has been in news lately. Last month, it announced the launch of the public beta test version of its new Blockchain Platform-as-a-Service (PaaS) at Money 20/20. In addition, it also announced its partnership with Skyscape Cloud Services Limited, to deliver Blockchain-as-a-Service to UK public sector organisations.
Credits has been already working in direct partnership with the Isle of Man Government on several initiatives – including the first known government service to be run on blockchain.
In an email response to EconoTimes, Nick Williamson, CEO & Founder of Credits, spoke about the recent developments, potential of cryptocurrencies, and much more.
1. Credits announced its partnership with Skyscape Cloud Services Limited to deliver Blockchain-as-a-Service to UK public sector organisations. It is also working with Isle of Man government on varied use cases. It seems that Credits is working on a very high-profile and broad-scale blockchain implementation from the very beginning. How were you able to penetrate the market?
NW: We identified early on that non-financial use cases for blockchain technology were quickly going to become a major focus for the industry, so we placed a lot of emphasis on the ability to use blockchain to inject transparency and accountability into online services. Being based in the Isle of Man was also instrumental as they have been a fantastic partner and our initial work with them has been very helpful in projects such as our Skyscape partnership.
2. When do you estimate these projects to come to fruition?
NW: While some of these use cases are already up and running at a prototype level, I'd expect the beta versions of some projects to be publicly usable by the end of the year, if not much sooner.
3. Credits recently launched the public beta test version of Blockchain Platform-as-a-Service (PaaS), which enables any developer to launch a Blockchain in 3-steps. What other factors were considered during the development of the platform? How were these factors identified?
NW: As a provider of enabling technology, we want our offering to be broadly accessible for others to use to build useful things. Allowing anyone to use our software through our PaaS offering is a natural first step in that direction and will quickly be complemented by additional tooling and features we'll be releasing in the near future.
4. Credits is involved in a number of blockchain-related events including European Blockchain Congress. What are your expectations from these events? What specific issues will Credits address?
NW: In general, my main goal when speaking at a conference is to present a clear way blockchain technology can provide meaningful value or to clear up a perceived misconception about blockchain that we don't agree with. Hopefully that thinking is then attributed to Credits when people want to start working on blockchain projects within their own company and then will want to work with us. As this technology moves so quickly, the specific issues covered also change quite quickly; these days we devote the bulk of speaking time to talk about identity on the blockchain.
5. What potential do you see in cryptocurrencies? Do you consider them to be a threat to the traditional banking system, and if so, how?
NW: Cryptocurrencies, as separate from permissioned blockchains, may find their use cases as the market develops, but it's too early to make that call in my opinion. We tend to view blockchain as more of an enabling technology that does a better job of enabling counterparty interactions than traditional software. While some incumbents may be worse off in a world run on distributed ledgers, this technology should be viewed as more of an opportunity than a threat to traditional financial institutions.
6. What other exciting announcements can we expect this year?
NW: There's plenty in the pipeline, but for now you'll just have to stay tuned!
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