In an industry full to the brim with fierce competition, the fight to distinguish oneself becomes highly essential, and it’s often the only way for a new business to grow.
For the majority of projects it is about getting a slice of the pie, however, for Proof of Trust, the end goal is slightly different. The decentralized protocol is one of the few blockchain projects that aims to fix the many issues inherited from the outdated systems across multiple sectors.
In an exclusive interview with Martynas Kasiulis, CEO of Daily Coin, Sakhib Waseem, CEO of Proof of Trust, shed light on the fast-growing project.
Proof of Trust was founded in June 2019, just a few months before it announced a partnership with IBM, which now aids in the development of the platform’s blockchain application.
When it was just starting out, Proof of Trust was a decentralized protocol. Now, it oversees four different products that cater to four major sectors: the government, commerce, judiciary industries, and most recently, cryptocurrency in the Defi community.
Understanding Proof of Trust’s Multifaceted Nature
Given the complexities of the four major industries in which it operates, it is easy to wonder how the startup managed to play its cards well. However, this does not appear to be a worry for the firm, which seeks to utilize blockchain’s “immutability,” “transparency,” and “efficiency.”
According to Waseem, by leveraging the power of blockchain technology, the company is able to “tackle these complexities in a different light.”
More specifically, Proof of Trust wants to eliminate all of these issues using four different approaches they have dubbed “Nebula,” “Nimbus,” “Cosmos,” and “Astra.” Each of these approaches provides customized solutions for different users in various categories, and are all based on blockchain technology.
Waseem then went on to explain the core essence of each solution, beginning by saying that “the company has built a technology based on blockchain that brings decentralized trust to lots of different environments.”
The aforementioned goal, according to Waseem, is achievable by integrating their system to virtually any application, while connecting the pressing issues, or reasons for implementing Proof of Trust in the first instance, to a decentralized network of trusted persons.
This leads to the question: What are the unique offerings for each solution?
How Astra Will Redefine the Decentralized Finance (DeFi) System
Addressing the specific solutions, beginning with “Astra,” Waseem called attention to a prominent predicament attributed to the decentralized finance (DeFi) system.
According to him, there is growing concern about overregulation, while customers are exposed to higher risk in a minimally regulated environment as a result of the increasing number of DeFi products in the market.
To proffer a solution to this problem, Astra will help to fortify the application of smart contracts on Defi products, while ensuring that it is trustworthy enough to safeguard consumer interests.
“We’re bringing out this product to equip all smart contracts in the future, with an option to access our distributed panel of experts for a number of different reasons. For instance, it could be for anti-money laundering (AML) checks, professional service checks, accreditation checks, or perhaps for the purpose of dispute resolution. All of these different elements are now required, not only to serve the communities so that they have trust every time they initiate smart contracts but also so that they know, without a doubt, that if something goes wrong, there is a protocol that is trustworthy when they participate on a DeFi platform,”
Although the Astra solution is still limited to the Defi system alone, there is an ongoing plan to extend the core technology to other major layers one blockchain projects.
“We’re in the process of adapting our core technology to all the major layer one blockchains out there, so that we can start to serve those different slices of industries and sectors within DeFi, providing protection.”
How Nebula Will Redefine Native Government
Proof of Trust produced “Nebula,” which, unlike others, is a “centralized blockchain product,” implying that it operates off-chain. The solution aims to help mitigate, or in other cases, eliminate, the risk governments are exposed to as a result of archaic systems.
According to Waseem, most government systems require multiple checks and signatures which, although good for democratization, exposes the system to several weaknesses such as fund diversion, unaccountability, and slow processes, among others.
Other sectors, such as land disbursement and VAT, are also affected, and by integrating Nebula, the government’s system can be reviewed and probed.
“We can intervene in some of these situations by using ‘Nebula,’ which with the help of an algorithm selects a distributed panel of officials to review the disbursement processes. Currently, we are using this to impact fraud and tax in a major way. Beyond land disbursement and VAT, We are looking at how we can apply this to different disbursement programs around the world, tackling major financial issues in government,”
Waseem clarified, adding that the startup is, at least so far, in talks with 60 nations regarding possible partnerships.
How Nimbus is Reshaping Social Justice
Another Proof of Trust product, Nimbus, is designed for social good. It connects people to justice, given that the majority don’t have equal access to quality legal processes, or, in some cases, any at all.
According to Waseem, the struggle to access a good lawyer, and get them to properly adjudicate on pressing matters can be an overwhelmingly distasteful experience. Waseem claims that in most cases people are underrepresented, and, until recently, there have really been no solutions, either digital or traditional, that connect people to legal assistants in a fair and trustable manner.
“No one has really looked at how to connect these individuals to legal assistants in a fair and trusted manner, through the power of digitization. There’s no real practice that’s being done right now, to our knowledge, on the blockchain. So, we’ve built this application really to bring that service to the underrepresented market. Interestingly, it’s multilingual, and we’ve been in a long ongoing conversation with organizations like the United Nations (UN) and others to really bring this service out to those who need it best,”
How Cosmos is Re-Engineering the Traditional and Commercial Industries
“On the other end of humanitarian and human rights are the commercial and traditional industries,”
Cosmos, he claims, is a blockchain-based arbitration tool that aims to accelerate decision-making procedures.
More than that, Proof of Trust seeks to use the service to introduce more fairness and transparency to large insurers and legacy financial organizations for the purpose of dispute management.
“Effectively within 4 clicks you can raise a dispute, have it sent out to a panel of experts from the top 10 legal firms around the world, they can adjudicate on the matter and then pass the result back to you in a way that’s completely independent. Also, this solution attracts less cost than traditional means. You don’t have to file for cases manually nor wait 3 years for a resolution. We’re really bringing fairness back to dispute resolution in that respect,”
Other benefits for partnering organizations, according to Waseem, include data protection and analytics.
“If you can start to bring information to a smart contract about disputes, in a safe and secure manner, we can start to understand the reasons for disputes, wherein contracts have failed and lead to disputes. As a result, we can begin to introduce this continuous improvement lifecycle to large organizations, allowing them to learn from smart contacts while also understanding the clauses and complications involved. More importantly, we can help them digitize the entire process. Also, by default, the process brings trust even to their customers, so that if something goes wrong, they can resolve those issues effectively and independently using our product,”
Cosmos, according to Waseem, ultimately helps huge organizations to save time and money, while also learning from their behavioral processes. This allows them to better serve their clients by simply improving the services for which they are required while minimizing liabilities.
On The Flipside
- It is quite difficult to manage conversations with different nations across the globe simultaneously, though, that is not to say it is not an impossible task.
- Educating people about technology and the benefits of blockchain is time-consuming and can present a challenge since it requires a group of highly experienced professionals. In time, this issue will surely improve.
- Proof of Trust is facing regulatory constraints in terms of the number of products it can provide, particularly given the complexity of each one. However, they are able to stay afloat by adopting and investing in compliance layers.
Watch the full interview here: