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Adam Jiwan: CEO Spring Labs & nbsp; Photo credit: Spring labs
Recently, Apple CEO Tim Cook shared his privacy considerations and potential laws that could help protect personal data. But if we could solve the problem of privacy without the help of the government and without legislation? What happens if you could do with blockchain?
The four main culprits of Cook for the privacy law are the right to minimize personal data, the right to know, the right of access and the right to security, all rights that could easily become universal if companies memorized personal data on a decentralized network.
We talked with & nbsp;Adam Jiwan, CEO of & nbsp;Spring Labs,& nbsp; a company that uses the blockchain to improve the security and efficiency of the credit reporting industry. & nbsp;
What exactly is the project about and how does the blockchain provide a safer tool for the credit reporting industry?
"Spring Labs is developing the Spring Protocol, a network designed to enable network participants, such as financial institutions, to share information directly and in a highly secure, regulated and compliant manner. & Nbsp;It seeks to address the historical obstacles that have prevented the direct sharing of information between financial institutions – which have had to use centralized data aggregators, such as credit bureaus, for their primary sources of credit and identity data. These centralized data aggregators have proved to be unsafe, and they also represent an important tax on the same credit institutions that provide their customer data for free only to reacquire them in summary form. It is a rather broken system in our opinion ".
Blockchain offers a number of advantages, including security, which is achieved through a combination of decentralization or consent mechanisms and various forms of cryptography. In addition to the security benefits, blockchain can create the necessary incentives for sharing information among network participants (you get paid for sharing or simply giving it away for free today) and you can provide a chain of origin for greater transparency both for creditors that for consumers. Jiwan explained that Spring Network rails can be applied to a range of other sectors, including health care and more generally, providing information exchange solutions to cope with the evolution of privacy legislation as GDPR and California Privacy Act.
At what point is the project: do you intend to issue a token? What kind of symbol will it be and how will you get funding for this?
"We are focused on creating an A + team, on the construction of the Spring network's rails, on the development of network use cases that we believe may favor the adoption and consolidation of partnerships with a range of financial institutions Consolidated and other, a token can only be used as a means of exchange within the network.We should not use a token as a means of raising capital, and we have no current plan to conduct an ICO. conducted in compliance with the law, which obviously evolves in real time ".
Have you talked to financial institutions about the subject? Have there been positive feedback in this regard?
"We have talked with dozens of established financial institutions and the feedback has been universally positive, of course, some institutions will soon be adoptive, while others will wait for scalability and proof of full functionality in an industrial environment before they decide whether to use the network or not. This is normal and consistent with our previous experiences in developing scale technologies in the financial services sector. "
The credit sector is a rather conservative space. How do you intend to overcome the challenges with this token?
"Tokens can be used as a means of exchange exclusively within the network, and we can choose to file / price information in fiat and take the risk of compensation as a network developer, so we do not believe that a token should be an important obstacle to the adoption of the network, we would also note that some participants, including the financial institutions with whom we have discussed, prefer the concept of token for network functionality ".
Are you looking at the offices opening elsewhere, possibly in countries where there is more regulation?
"Regulatory compliance is at the top of our concerns about how we build the spring protocol: our General Board and co-founder Anna Fridman has done a phenomenal job to ensure that every aspect of our protocol meets regulatory requirements. this, we are building a global platform and we are planning it with global flexibility, and it is certainly possible that over time we will have offices outside the United States ".
Banks are notoriously hostile to blockchain and cryptocurrency in general. How does your project plan to overcome this problem?
"It is necessary to distinguish between blockchain, as underlying technology that can be used for a variety of purposes and cryptocurrency.We believe that technologically sophisticated institutions understand the difference.The most skeptical institutions on cryptocurrencies have invested significantly in the development of blockchain technology. Labs is not developing currency: it is developing a network to deal with problems in the real world ".
What are the next steps for the project?
"We are actively signing partnerships with various institutions to act as the first participants on the network, with the intention of using their feedback to optimize the architecture and design of our network. 39, beginning of 2019, we intend to publicly launch the network ".
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Adam Jiwan: Spring Labs CEO Photo Credit: Spring labs
Recently, Apple CEO Tim Cook shared his privacy considerations and potential laws that could help protect personal data. But if we could solve the problem of privacy without the help of the government and without legislation? What happens if you could do with blockchain?
The four main culprits of Cook for the privacy law are the right to minimize personal data, the right to know, the right of access and the right to security, all rights that could easily become universal if companies memorized personal data on a decentralized network.
We talked with Adam Jiwan, CEO of Spring Labs, a company that uses the blockchain to improve the security and efficiency of the credit reporting industry.
What exactly is the project about and how does the blockchain provide a safer tool for the credit reporting industry?
"Spring Labs is developing the Spring Protocol, a network designed to enable network participants, such as financial institutions, to share information directly and in a highly secure, regulated and compliant manner. It seeks to address the historical obstacles that have prevented the direct sharing of information between financial institutions – which have had to use centralized data aggregators, such as credit bureaus, for their primary sources of credit and identity data. These centralized data aggregators have proved to be unsafe, and they also represent an important tax on the same credit institutions that provide their customer data for free only to reacquire them in summary form. In our opinion, it is a rather broken system ".
Blockchain offers a number of advantages, including security, which is achieved through a combination of decentralization or consent mechanisms and various forms of cryptography. In addition to the security benefits, blockchain can create the necessary incentives for sharing information among network participants (you get paid for sharing or simply giving it away for free today) and you can provide a chain of origin for greater transparency both for creditors that for consumers. Jiwan explained that Spring Network rails can be applied to a range of other sectors, including health care and more generally, providing information exchange solutions to cope with the evolution of privacy legislation as GDPR and California Privacy Act.
At what point is the project: do you intend to issue a token? What kind of symbol will it be and how will you get funding for this?
"We are focused on creating an A + team, on creating the Spring Network guides, on developing web-based use cases that we believe will favor the adoption and consolidation of partnerships with a number of financial institutions consolidated and others as a means of exchange exclusively within the network It is not necessary to use a token as a means to raise capital and we have no current plan to conduct an ICO Any potential issuance of tokens would be carried out in accordance with the regulation, which obviously is evolving in real time ".
Have you talked to financial institutions about the subject? Have there been positive feedback in this regard?
"We have talked with dozens of established financial institutions and the feedback has been universally positive, obviously some institutions will soon be adoptive, while others will wait for the scalability and proof of full functionality in an industrial environment before they decide whether to use the network or This is normal and consistent with our previous experiences in developing scale technologies in the financial services industry. "
The credit sector is a rather conservative space. How do you intend to overcome the challenges with this token?
"Tokens can be used as a means of exchange exclusively within the network, and we can choose to file / price information in fiat and take the risk of compensation as a network developer, so we do not believe that a token should be an important obstacle to the adoption of the network. I would also like to note that some participants, including the financial institutions with whom we have discussed, prefer the concept of token for network functionality ".
Are you looking at the offices opening elsewhere, possibly in countries where there is more regulation?
"Regulatory compliance is at the core of our concerns about the way we build the spring protocol: our General Board and co-founder Anna Fridman has done a phenomenal job ensuring that every aspect of our protocol meets regulatory requirements. global platform and we are planning it thinking about global flexibility, it is certainly possible that over time we will have offices outside the United States ".
Banks are notoriously hostile to blockchain and cryptocurrency in general. How does your project plan to overcome this problem?
"We need to distinguish between blockchain, an underlying technology that can be used for a variety of purposes and cryptocurrency. We believe that technologically sophisticated institutions understand the difference. Institutions that are more skeptical about cryptocurrencies have invested significantly in the development of blockchain technology. Spring Labs is not developing currency: it is developing a network to deal with the problems of the real world ".
What are the next steps for the project?
"We are actively signing partnerships with various institutions to act as the first participants in the network, with the intention of using their feedback to optimize the architecture and design of our network. 39, beginning of 2019, we plan to publicly launch the network ".
