Industry News Details

Interview with Matthew Unger (CEO, IComply Investor Services Inc.) - Speaker at Global Blockchain Conference April 2018 Posted on : Mar 13 - 2018

We feature speakers at Global Blockchain Conference - April 2 - 4 2018 - Santaclara - CA to catch up and find out what he or she is working on now and what's coming next. This week we're talking to Matthew Unger (CEO, IComply Investor Services) Topic - "Bridging The Gap Between Traditional And Decentralized Markets"

Interview with Matthew Unger


1. Tell us about yourself and your background.

See boilerplate

2.  What have you been working on recently?

Recently, we have been putting a lot of our efforts towards rolling out a scalable, compliant, zero-knowledge proof identity product for blockchain. iComplyID is a legal entity identification management solution that leverages blockchain to verify KYC, AML, and forensics to create a decentralized method of securely storing information surrounding any individual or corporation. It is important that any solution addressing this market must be implemented in a way where we do not create a central repository as a hacker target like we saw with Equifax. Similarly, we cannot create something where a third party has end-to-end visibility into an individual's or corporation's personal information without giving you - the owner of your own personal information - transparency into who is collecting what information about you as a legal entity.

3. Tell me about the right tool you used recently to solve customer problem?

Our product is an open protocol that is agnostic to blockchain; however, we recently released our protocol to users of Ethereum. Undergoing the first implementations required that we not only work with the right tools but also have the right technicians to ensure a robust and secure implementation was executed.

4. Where are we now today in terms of the state of Blockchain, and where do you think we’ll go over the next five years?

While not entirely new in blockchain, in the last 6 months we have seen a significant increase in the number of platforms launching that offer ICO issuers an environment to launch a compliant securities token. For us, this is an exciting development as we are currently the only company on the market with a production ready enterprise product.

Into the future we are going to quickly see a major shift away from using blockchain for enterprise payments and high scale problems as business cases emerge for using platforms, such as Ethereum, to leverage global identity, personal data ownership, and financial documentation rather than merely transactional execution.

5. You’ve already hired Y number of people approximately. What would be your pitch to folks out there to join your Organization? Why does your organization matter in the world?

We are growing quickly, with 26 on our team and hiring. Surprisingly, our pitch has been quite simple and has allowed us to attract the top minds from around the world. We share our vision with prospective team members, to enable a global transition of wealth from traditional to decentralized markets without harm. It's that last part - without harm - that really helps us to determine a good fit. Currently, leading estimates expect another $20T of growth in this market in the next two years, finding people excited about capturing a piece of that pie is easy - finding people that want to do so under a strong burden of care to how this happens is a critical piece for us. Plus, we have to like them enough to see ourselves enjoying a conversation over a beer or BBQ - essentially, will they mesh with the team.

6. What are some of the best takeaways that the attendees can have from your talk?

Blockchain for payments transfers is old news, blockchain for creating highly structured and machine-readable data sets are creating actionable opportunities for data science, machine learning, and AI today.

7. What are the top 5 Blockchain Use cases in enterprises?

-Large volume transaction reconciliation and reporting.

-End to end supply chain management (shared bills of lading, suppliers, certifications, etc).

-Smart contract powered broker-dealers, stock exchanges, clearing houses, and ATS networks.

-Using blockchain for documentation and automation of KYC, AML, and back office procedures in financial services

-Blockchain identity solutions that have enabled quantum security standards to ensure data breaches are protected in a future quantum world

8. Which company do you think is winning the global Blockchain race?

That's hard to say. As far as networks go, Ethereum is leading the world by a long shot. But, the platform has it's own limitations and security concerns. As far as companies go, most of the blockchain companies in the word last year spent most of their efforts on creating and marketing their ICOs and airdrops. Few have a proof of concept or alpha product live. With iComplyICO, we focused on leveraging a two-year head start, when this project came out of an MIT project, to implement a scalable solution ready to serve both the traditional financial services market (globally banks spend 10-15% of gross revenues on KYC and AML) and the rapidly expanding decentralized financial markets.