At The Bitcoin Masterclasses #6 in London, Dr. Craig Wright reiterated that hypercompetition is what Bitcoin is all about, and it’s the only way the ecosystem can reach new heights. On the sidelines of the event, CoinGeek Backstage caught up with nChain’s Dr. Owen Vaughan to talk about how the company is laying the foundation for hyper-competition in the space.
Vaughan is the Chief Science Officer for Licensing at the enterprise blockchain solutions company. As he told CoinGeek Backstage reporter Becky Liggero, nChain is evolving from research to product development. The company has especially focused on the Philippines, where it’s building an identity management solution and a document signing tool on the BSV blockchain for the Filipino government.
The Philippines is the world’s fourth-largest remittance recipient, with close to 2 million Filipinos working overseas. Collectively, they sent over $38 billion back home last year. However, remittances are still plagued with high costs, slow transactions, and overall inefficiency.
nChain is working with the Filipino government to solve the perennial remittance challenges, Vaughan revealed. The company’s identity solution is reducing the friction in KYC and AML checks.
While nChain is now developing its blockchain solutions, the company is also focused on growing the Bitcoin sector and spurring a thriving and competitive ecosystem.
“We’re thinking of new ideas that could be features of products of other companies, and maybe they’ll even do it better than us, and they’ll force us to raise our game as well,” he stated.
Vaughan envisions a Bitcoin ecosystem where individuals produce tools and platforms to compete, driving down the costs for everyone else.
Vaughan has been traveling worldwide to present nChain’s solutions, including attending key industry events. His team was part of the nChain delegation at the London Blockchain Conference, which delved into how blockchain can underpin IoT and artificial intelligence.
He was also part of a contingent from nChain at IST Africa that won accolades for its paper on its live product in Zimbabwe, which uses blockchain to track livestock from birth to sale.
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