OriginalMy CEO Edilson shares his take with us
At ABCC Exchange, we are always looking to list projects with long-term potential for our users. This week, we had the opportunity to interview Edilson, the CEO and founder of OriginalMy, the first or one of the first RegTech blockchain-powered platform in the world.
Regulatory Technology (RegTech) improves the efficiency of corporate governance by seamlessly authenticating identities, authorisation signatures and digital content.
Read on as Edilson shares with us his insights on the current application of Blockchain, barriers to mass adoption and the role Cryptocurrencies have to play in this industry.
P.S. You can now trade ABC on ABCC Exchange here
Please share with us a brief summary of yourself and what your company offers to users
My name is Edilson Osório, the CEO and founder of OriginalMy. I am a computer scientist, teacher, information security and infrastructure specialist, developing projects using open-source since 1995.
These are the few main points of my background
- Graduated from Harvard Law School with a major in Copyright
- Convenor of Security, Privacy and Identity representing ABNT/Brazil @ ISO/TC307 — Blockchain and distributed ledger technologies
- Author of Hääl — the first open-source protocol for Secret e-Voting on Public Blockchains
- CEO and founder of OriginalMy
What was the initial vision you had when first starting your company?
I had my first encounter with Bitcoin in 2011 and in 2013 I started trying to find other uses of the infrastructure. In 2014 I saw Nicosia University using the Proof-of-Existence to register the authenticity of graduation certificates, and it was mind-blowing from the information security perspective.
In Brazil, we have 15,000 very bureaucratic, time consuming and expensive notaries. Blockchain seemed to be the best technology to improve the notarising environment in Brazil. Because of this insight, I started to build the first version of OriginalMy, focused on musicians and intellectual properties authentication.
As soon as I launched the first version of the platform on III Bitconf (a Bitcoin conference), where I was invited to speak, the main media published an article entitled: “The end of notaries” and many from the traditional companies started an “Uber-like” war against us.
Just after that event, people started asking questions such as how to sign documents on the blockchain and in a country like ours, we understand we needed a very reliable identity validation system before allowing people to sign documents and contracts in the blockchain.
How does Blockchain Technology and Digital Assets come into your company offering?
Blockchain technology has offered us the opportunity to have total control over our personal data. With the new digital blockchain based identity, people can sign documents, contracts, marriages, authenticate themselves on platforms and physical check-in totems.
In the future, assets owned by individuals (house, car, certifications) will be tied in with their identities too. One identity for multiple uses- this is one major benefit of Blockchain technology.
Our ABC token emerged when we wanted to decentralise the network of validators of personal data. The game theory and reward system made Bitcoin famous and reliable, and we believe it is the same for an analogue network of validation.
The token is already in use for getting discounts on the platform, for staking and for using it as a way to access the platform. In the future, the ABC token will be used to reward users who deliver their personal data to companies, because today we have no control of what they do with our own data and the token will be very helpful in solving this issue.
Can you share more about some immediate applications of Blockchain technology in governance?
The most obvious use case happens in the financial sector. There is an urgent need for solutions in corporate governance to make transactions faster and reliable. At the same time, they must be fully open to auditing and be untampered with.
I can share some use cases where OriginalMy is making the most impact:
- In Brazil, proofs collected with our tools were approved in the court of appeals, and it now has legal precedence. This is a significant step in a very bureaucratic country where digital pieces of evidence were validated through a costly notary process
- In the last Brazilian presidential election, presidential candidates used our tools to fight against the dissemination of fake news
- For the first time in Brazil’s history, we integrated a notary on our platform and Brazilians no longer need to go to the notary to authenticate documents. The whole process is carried out on the platform, from pre-authentication of the document in blockchain to certifying and delivering the digitally authenticated document to the user mailbox
- The Hääl protocol (for secret e-voting on public blockchains) will help companies like P&G, who has spent more than 60 million dollars in 2017 trying to solve proxy voting disputes, in confirming the votes of remote shareholders.
What limitations do you see in using Blockchain technology for governance?
The actual limitation is the lack of knowledge of lawyers and decision makers working in corporations and governments.
The technology is reliable, scalable and can address many compliance and regulatory needs. It allows traceability of all digital acts and security is provided by a cryptographic protocol that has been continuously attacked for more than 10 years without any success.
What do you think is required for faster adoption of Blockchain and Digital assets for both enterprises and consumers?
I think the main issues with the adoption are basically two.
1) The user experience, because it is confusing to a regular person to handle their keys securely
2) The fact that people used to outsource the job of managing their funds makes it harder for Cryptocurrency adoption, now that this responsibility lies with them
Decentralised networks empower people with freedom, but to achieve that freedom, people must be responsible for their own things, like their assets. The misunderstanding of this responsibility drives people to lose their assets, keys, information and everything related.
People want to experience freedom, but end up delegating the responsibility to a third party. In my personal opinion, we need to have a change of mindset and at the same time, the user experience must be improved.
Besides Blockchain technology, how do you see digital assets playing a role in governance?
They can be the key to motivate people to play the game of governance correctly.
It has been proven that gamification is the best way to create engagement and game theory drives towards very healthy economic behaviour. Having knowledge on this topic is strategic to improving the acceptance and commitment of all people involved in following the governance model established.
What have been the most significant changes for you since you joined the industry? How has your company adapted to these changes?
In Brazil, OriginalMy is taking the lead in the market, government and regulatory changes. We are not only adjusting to changes, but we also bring the next wave of change.
Building a very consistent and disruptive company brings forward the discussion of subject matters that make traditional companies that embrace the status quo uncomfortable. We create impact and people who understand the benefits of a new way of governance are starting to ask how conventional methods could be improved and be more efficient.
What would you say differentiates you from your competitors?
All of our competitors provide services limited to one area, disconnected from the use cases or complete solutions.
Our approach is to provide an end-to-end solution, to address the whole problem and not just one component. This strategy proved to be the most efficient, because our customers quickly see the entire solution, without the need to find other external parties for solutions.
Where do you see Blockchain and Digital Assets moving towards in the next one year, next five years and a decade later?
Today we don’t have courses teaching us how to use the internet anymore, and we barely use the term cloud computing because everything is already on the cloud, it is just computing.
Blockchain and Digital Assets will be part of our everyday lives and if there’s some transaction or storing of an asset, it will be carried out seamlessly by Blockchain Technology in the background. Companies will choose the blockchain that better fits their needs and people will not have to worry about how to manage that.
It is a transformation of the relationship between the individual and the entire society.
What are the upcoming events/news of your company that users can look forward to?
In Brazil, we will attend some events and announce some news, like at Bitconf in Brazil. We will participate on Latitude 59 in Estonia too, for the final pitching competition. And you can follow our agenda on our websiteand Twitteras well.
Disclaimer: The view of the above interview are solely represented by OriginalMy and is in no way an endorsement of OriginalMy from ABCC Exchange or financial advice in any form. Users are reminded to carry out their own due diligence and execute trades based on their research and risk tolerance.
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