The ongoing pandemic has highlighted the need for accurate data and identity management systems, Eden Dhaliwal, Global Managing Director at Conflux Network dives deeper in this chat:
Tell us a little about yourself Eden, we’d love to hear about Conflux Network and some of your recent developments with the platform?
I’m the Global Managing Director at Conflux Network, which is currently the only public blockchain operating in China that is permissionless – something we worked very strategically to accomplish through our regulatory compliance with the Chinese government. At Conflux I spearhead our global expansion- boosting awareness for the value of our chain outside China- both from a technology standpoint and as the only point of access for projects interested in entering and operating in the China market.
Prior to joining Conflux, I served as a partner at Outlier Ventures where I built the firm’s crypto economics practice, and I continue to support the venture firm as an Executive Advisor. I crossed paths with Fan Long, one of the founders of Conflux, in Toronto, and quickly became intrigued by the work he was doing both with Conflux and in the broader blockchain community.
Conflux has an exciting 2021 planned. We are well known and respected in China and have big plans for introducing ourselves to the Wetern markets and replicating the success and unique positioning we have in China.
We’d love to hear your thoughts on the impact of open source blockchain on the finance and fintech segment over the years?
The concept of open source blockchains operating within the finance segment is something that our team at Conflux has been pivotal in driving. Conflux is a founding member of Open DeFi, a global initiative that aims to bridge the gap between the East and the West in not only blockchain and cryptocurrency development, but also in greater financial innovation and collaboration for the future of cross border commerce, by linking China-based projects with global organizations. Currently Open DeFi has more than 20 projects under its umbrella, all very closely aligned with our philosophy of collaboration, learning and innovation in what will no doubt be an interoperable and multi- blockchain future.
What are some of the ways you feel financial institutions and fintechs should capitalize more on blockchain-backed security protocols to safeguard sensitive data?
In light of covid, healthcare-related solutions are starting to play a major role, as the pandemic has highlighted the necessity for accurate health data and secure identity management. As for traditional financial institutions, there have been a variety of announcements on the integration of crypto with traditional banking entities — blockchain-backed security protocols can be utilized to safeguard the sensitive data of banking customers as they explore the nascent, and often confusing, world of crypto investing. Growing Institutional adoption of blockchain and cryptocurrency bodes well for continued real world application— something that has eluded blockchain for a long time.
Can you share five of the biggest near-future impacts of blockchain that fintechs should be prepared for?
- Cross-border innovation– Now more than ever we are living in a globally connected world. Blockchain enables that world to be borderless, a vision that aligns very closely with Conflux.
- Integration of blockchain and fintech solutions with government entities– regulatory compliance and government integrations are necessary for mass adoption but can be tricky to navigate. Ultimately big banking and government will need to adapt and accept that blockchain, however they choose to integrate it, is here to stay.
- Increased community participation in the ideation of fintech products and solutions- collaboration across projects is critical for innovation. And the collective communities of those projects are massive. New projects and ideas coming from these communities will be the change drivers. I think it was Bruce Mau who said “when everything is connected to everything else, for better or worse, everything matters” We are all driving this change and great ideas can come from anywhere.
- Innovation in storing and transmitting data- Blockchain has the potential to optimize global financial infrastructure and enable the transfer of assets more quickly and effectively than the existing centralized financial system.
- Revolutionizing traditional banking and financial services – lower costs, faster execution of transactions, improved transparency, auditability of operations, a more inclusive economy- the possibilities are endless.
We’d love to hear your thoughts on the global fintech startup marketplace- can you talk about some interesting innovations you’ve come across especially when it comes to blockchain backed applications?
Network of collectible assets and tokens purchased via the blockchain— gaming and art have exploded on the blockchain, and for good reason. In game tokenization, NFTs and collectibles have evolved way beyond where the industry started with crypto kitties back in 2018.Blocklchain is the ideal platform for items of value that require storage, immutability, security and can be verified for authenticity. It is empowering a whole new generation of game developers and digital artists.
Simplification of remittance processes – Blockchain is the future for remittance, allowing for the fast, low cost exchange of funds across the globe with no middlemen, exorbitant fees, or delays in processing. We are truly building a connected global economy.
As global fintech trends change and the market shifts due to business environments (and also Covid-19), what are your comments on the state of fintech in 2021 and beyond?
Financial technology is constantly evolving. With covid disrupting most of 2020, fintech experienced continued growth and increased adoption that will certainly carry over into 2021. Fintech will specifically extend its reach when it comes to concepts such as open banking, new forms of digital payments, and remote work automation.
We’d love to hear about some of Conflux Network’s upcoming plans and innovations?
Having recently deployed on mainnet, Conflux will be looking to attract more users to join its robust network. We are also focused on growing our community of developers and supporters beyond the boundaries of traditional blockchain enthusiasts. We are looking to attract crypto curious minds to both educate and inspire the next generation of the Conflux ecosystem.
As we look ahead into 2021, our main goal is to continue establishing valuable strategic partnerships and mutually beneficial relationships between projects in China and the West.
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Before we wrap up, what are the biggest learnings and tips from your journey that you’d share with fintech innovators and leaders?
If you have an idea for something innovative or with a clear use case, just build it, make it happen. It doesn’t have to be perfect. People will see your vision if you are passionate about it. It’s easy to overplan and become paralyzed by all the what ifs – sometimes you just have to lay track and go.