nChain, a provider of enterprise data integrity solutions using blockchain, is a sponsor of the 7th CoinGeek Conference—taking place in Zurich, Switzerland on June 8-10. We recently spoke to Simit Naik, the director of Business Service at nChain, about the company’s ongoing and future projects. Here is a sneak peek into our conversation.
Can you give us a brief overview of what your company does as well as the problem it aims to solve or the service it looks to provide?
Simit Naik: nChain has been around since 2015 and began as a research organization which added engineering and commercial expertise with time. We predominantly focus on providing data integrity solutions to enterprise clients and governments, which still includes the research capabilities that started nChain. In the last 18 months, we have pivoted to become a commercially focused organization and really building up the work we have done within the research space. We are now building products and services, of which the cornerstone is the nChain platform helping us to innovate solutions we are trying to deliver to our clients, such as Tuvalu.
As far as resolving a problem is concerned, we focus on demystifying the complexity of blockchain technology. The users don’t fully understand its capabilities and that’s okay; we have built a platform for our clients to leverage the benefits and value of blockchain easily.
Could you talk about the role of nChain in the Tuvalu project?
Simit Naik: We are working alongside Faia and Elas Digital to deliver the foundational capability of a longer-term digital transformation in Tuvalu. The first phase is to provide digital registry services, allowing people to gain citizenship easily, enabling them to provide information to the government seamlessly, and facilitating decisions to happen quicker than it now does. The initiative will allow us to do the same for other registry services like fishing permits, driver’s licenses, and police records.
The first phase will also focus on delivering a digital form of cash and create financial inclusion in Tuvalu, which comprises nine islands within the Pacific. The country does not have a central bank and spends a lot of effort and money to bring Australian dollars in for the residents. It is challenging to access physical cash as there is a shortage of ATMs; thus, a managed flow of digital money across islands will help everyone.
What are you looking forward to the most about the conference being in Switzerland?
Simit Naik: The most intriguing thing about Zurich is that Switzerland is a global leader in blockchain adoption. Companies like Bitcoin Suisse, Sygnum Bank and SEBA are doing great. Some have already got the licenses as “crypto businesses,” and others are working on obtaining banking licenses. We got an opportunity to learn and understand the regulatory compliance frameworks put in place, which has given us some really great insight into how we can support enterprise clients with our solutions. Being in Zurich allows us to reach out to the local players who are making great strides in that space; more importantly, Switzerland is at the forefront of innovation. Therefore, it allows us to grasp what that country is looking for in the blockchain space.
Why did nChain decide to sponsor CoinGeek Zurich?
Simit Naik: We are happy to support CoinGeek’s mission and vision to educate as many people about incredible technology. Being a sponsor allows us to demonstrate and explain the value nChain brings to this ecosystem and on a global scale. It is entirely complimentary and a phenomenal opportunity to sponsor CoinGeek Zurich.
Is there anything you’re excited about Bitcoin right now?
Simit Naik: If we notice what is happening in the ecosystem right now and crypto in general, it always goes through hypercycles, and we are amid one right now. However, it is different from 2017, as we now see actual enterprises and use cases. One of the sectors nChain focuses on is the central bank digital currency (CBDC), as there are numerous benefits of using blockchain in developing them. We are doing outreach with national and central banks to educate them about the technical advantages, economic tools, and mechanisms possible with the CBDC on the blockchain. Central banks and institutional companies using blockchain for creating a digital identity to maintain data integrity is an outstanding achievement compared to five years ago. The publicity and interest are excellent for blockchain, although we must highlight use cases that help drive blockchain adoption, particularly BSV.
Do you have any or presentations/speakers that you are excited about at the conference?
Simit Naik: I always look forward to at the fireside chats with Dr. Craig Wright and Jimmy Nguyen as it offers unprecedented insight. I am also interested in listening to speakers from regulatory bodies and banking institutions.
If there was one takeaway that you want the audience to know after seeing you and your team at CoinGeek Zurich, what would it be?
Simit Naik: I hope the audience understands how nChain can help deliver groundbreaking solutions that will ultimately assist in the enterprise adoption of blockchain. nChain has built one of the largest research portfolios in the last 5-6 years, and it is taking all that learning, knowledge, and experience to develop products and services to benefit clients. nChain can help customers traverse the complexity of embracing the complex technology.
It is crucial to keep in mind that blockchain isn’t the only solution but is only a part of the solution. We shouldn’t focus on just the Bitcoin ecosystem alone as there is a bigger world out there. We don’t want people to see nChain as another blockchain company but as innovators, thought leaders, and experts in the space. In addition to engineering, we also offer thought and strategic capabilities.
Catch Simit Naik on Day 2 of CoinGeek Zurich conference, where he is set to join a panel on “Tuvalu: A Country’s National Digital Ledger on BSV.” Register for free today to watch Naik and all the other CoinGeek Conference speakers discuss how blockchain can ignite the power of data.
New to blockchain? Check out CoinGeek’s Blockchain for Beginners section, the ultimate resource guide to learn more about blockchain technology.