Exclusive Interview with Dominic von Trotha Taylor, CEO, iov42

Blockchain technology has started thriving in the financial sector in recent years for its smart functionalities in digital wallets across the world. Blockchain is known as a type of database and a digital ledger that can store all minute details related to data to millions of transactions. The global blockchain market is projected to hit US$39.7 billion in 2025 with a CAGR of 67.3%. Blockchain technology is booming in the global market owing to its utmost security and transparency without any intervention of a third party.

Here is an exclusive interview with Dominic von Trotha Taylor, CEO, iov42, who explains to the readers how this blockchain-based identity platform is focused on enhancing productivity in vulnerable supply chains in the timber industry.

Kindly brief us about the company, its specialization, and the services that your company offers.

Founded in 2016, iov42 is a blockchain-inspired identity platform designed to build trust between organizations by digitally codifying their processes, from supply chains to bank mortgage applications. The technology then provides proof that the rules are being followed by everyone involved in a unique way centered around verified identities. This means that users can completely trust what's going on and who they're dealing with.

The technology is built to address a number of the issues associated with more traditional blockchains. The company is replacing strict anonymity with trustable identities, ensuring that data held on the platform is immutable, and offering security through a decentralized distribution of data amongst a set of organizations that come together to solve their particular set of problems.

From the outset, the team is intended to build a platform to elevate DLT, solving challenges around sustainability, scalability, performance, security, and volatility that 'traditional' approaches pose. The iov42 platform is useful whenever there is a breakdown of trust. To demonstrate the ease of use of the platform and gain traction, iov42 sometimes builds use cases for clients who don't have the capacity to do so themselves, or who want to co-create a solution.

Other clients build their own solutions on top of the iov42 platform and the team often goes to market with them jointly.

Tell us how iov42 is contributing to the blockchain services industry (any product launches?) and how the company can benefit society.

This year is an exciting time for blockchain technology. More countries, companies, and governments are beginning to embrace enterprise blockchain solutions due to their secure and transparent nature. Unlike conventional blockchain models, iov42 creates a chain of transactional proofs for every identity and asset combination that is made. This helps to improve the security and traceability of transactions for governments, public bodies, and enterprises.

In June of this year, the company launched Timber Chain in partnership with Preferred by Nature, to improve efficiency, transparency, and security of vulnerable supply chains in the timber industry. Timber Chain is an example of a use case that own software engineers built for a client.  By combining blockchain technology, third-party certification, and market knowledge,  Timber Chain modernizes traceability and introduces real-time digital data recording, replacing traditional, paper-based processes that are labor-intensive and are often prone to human error.

How do you see the blockchain technology industry evolving in the future?

The team has seen a real uptake in interest in the activities at iov42, and it's the same story when looking at blockchain technology more widely. The team members are working hard to develop technology to tackle some of the world's biggest challenges, from climate change to illegal labor, product authentication to personal data ownership. It's all helping to change the misconception that blockchain is synonymous with cryptocurrency. People are now becoming aware of its huge potential to make a real difference in lives, and iov42 is proud to be at the forefront of this movement.

iov42 expects this increase in interest to continue, with new blockchain solutions being developed across the world as the realization of how it can benefit society continues to grow.

What does your technology and business roadmap look like for the rest of the year?

The company has got some incredibly exciting projects in the works this year, and as a result, it hopes to grow both the workforce internally and impacts externally. The platform is the product of years of considerate engineering from some of the most talented people in the field.

As a startup, the team had the luxury to be able to continuously adapt and evolve in line with what is happening around the environment. Meeting existing challenges is as important as preparing for future ones, and the strategy of being aware of how blockchain can be applied in new ways will allow iov42 to stay ahead of the curve.

Technology-wise the team is excited about the roadmap. It includes important features that will elevate trust across borders and jurisdictions that have different legislative rules, as well as the take on smart contracts that are known as 'smart assets.

Many blockchain projects don't move beyond the pilot stage because they fall at a most fundamental hurdle— being able to show positive ROI. The track record so far is encouraging, and the company will continue to focus on showing proof of the impact of its technology on real business opportunities. The team will continue to make blockchain 'simpler than ever and is doubling down on efforts to support sustainable and often really vulnerable supply networks. iov42 is doing this via strong partnerships and underpinning companies who are already making great strides in this sector.

What are some of the challenges faced by the industry today?

The misconception that blockchain is something to be feared remains a challenge. The company understands that cryptocurrency isn't well regulated but that is a separate issue from leveraging blockchain at the organizational level. The very essence of distributed ledger technology (DLT) means that processes become more transparent and less prone to misuse.

It's therefore really important to clearly convey the uses and benefits of DLT to both prospective clients and consumers. Providing an understanding of exactly how the technology works are essential for getting people to appreciate just how valuable it is for finding new innovative solutions.

The blockchain technology industry is beginning to become more widely embraced and understood, but there's still a long way to go.

Do you have a leadership mantra?

Leadership is centered around the ability to capture hearts and minds around a great cause. Also, when in doubt, never drive your submarine with the hatch open.