Florian Krueger is partner at Fintricity in London. He is an experienced board-level executive with a successful track record in strategy planning, business & market development, product management, sales and contract negotiation. Being a European at heart, he specializes on Global Customer Satisfaction. His working experience includes time in Italy, UK, Germany, Iceland, France, Spain, the US and the Netherlands. Language skills: German, French, Italian, Spanish and English with bits and pieces from other languages. The Fintricity team holds a wealth of first-hand digital transformation experience, which makes us unique. We are technologists, futurists, solution architects and marketeers driven by client success.
BCN: You’ve initiated a blockchain group … why?
Florian Krueger: Actually, we are a company that deals with all things digital. We are looking for the right kind of data, various kinds of data. That involves blockchain which is really a distributed technology.
BCN: A distributed ledger?
Florian Krueger: With blockchain, you have multiple data bases on multiple servers. But there’s an evolution taking place today because basically everyone can have can have a blockchain node to the degree they wish. Some nodes are more complete than others. Some leave things out. Not everyone has to have the same amount of data on the server or computer. So a company can be partially public and partially private. You can have more information on a main server and less on another.
BCN: A median approach in a sense.
Florian Krueger: Blockchain, in fact, allows people to make contracts without the middleman. That is the way things are headed. Ethereum is one system that supports this. People can download a system based on his own public or private chain.
BCN: But the expense may be considerable …
Florian Krueger: The question has little or nothing to do with expense. It’s not whether bandwidth is minimal or is maxed out. The difference is that you have possibilities to do things differently. Software is not expensive. Memory is already sizeable. Say you are an insurance company and you can define criteria as you wish. Again, assuming it is there, you can download what you want.
BCN: Can you give a detailed example?
Florian Krueger: Say you are Steve Miller and you have access to a blockchain. Your insurance firm has said it will give you a discount if you can prove your health. You download your information once and you are done. You have no further interaction to prove your health which has been validated by the blockchain. If another company wants to offer you a further discount or a different package, you are still installed on the chain and therefore the contract can be done immediately. You don’t need to go back to the clerk.
BCN: Let’s probe fintech. Are people interested in fintech mostly because it will make them money?
Florian Krueger: Yes, good question. Sadly the reason, is money. But in actuality the smartest thing about blockchain is its reinvention. It’s not simply a step forward, a slight elaboration. It’s a logical first step for something else that is quite different. Say you want to drill at home and have no drill. So you go to a company that rents drills. There is no such drill rental company right now but there will be as blockchain expands. Companies will rent out every kind of thing in the future in my view. You simply build a smart contract on top of a blockchain ledger and you begin. Everything can be brought back the drill and the financial transaction that takes place. It will provide new business for people in numerous areas. It hasn’t happened yet but it will take place.
BCN: Are regulations being passed against blockchain?
Florian Krueger: The regulators are trying to regulate as they always do. Cryptocurrencies sit on top of blockchain and the real question we need to ask is how to regulate in a way that is most productive. Ultimately, from a consumer standpoint – relative to regulation – you have to select the right employees and try to moderate what is taking place. But a lot of it has to do with technology. Recording one’s digital identity is a good place to start.
BCN: Is that all?
Florian Krueger: Marketing by itself is more questionable. I love the idea of Humaniq but I wonder if there is not too much marketing involved. What they’re doing is brilliant, but I wonder if a company that is less involved with marketing might eventually be as successful or even more successful.
BCN: What about the dark web?
Florian Krueger: The dark web has increased amounts of money laundering and drug dealing. Part of the reason is perceived value. There’s lots of cybercurrency moving in and out and other people see that and gain the impression that the dark web is a most valuable place. The perception of value leads to the reality. Of course there are reasons why people would use the dark web anyway but the perception of reality is one reason.
BCN: Is it possible that blockchain will be let alone for a while?
Florian Krueger: Blockchain technology is visible in and of itself. It helps create goods and services that have never been seen before as I’ve already explained. But here is another example. A car salesman can create a new business on the Internet. He could perhaps develop health care leads in his spare time. Right now nothing much would happen because he is in the car-selling business. But, post blockchain he could trade leads using tokens emerging from the monetization of the blockchain and cryptocurrencies. He would basically trade the leads for tokens.
BCN: What would regulators do?
Florian Krueger: Regulators might not do anything if it is a private transaction between two people. On the other hand, you could invite the regulators into the transaction. If you built a company from the health care leads, you could have the regulation put in place and the company regularly scrutinized. The regulators would stay there and would serve as a reminder to customers that everything you were doing was OK.
BCN: The regulation becomes a guarantee of good business.
Florian Krueger: Yes, the regulator might not know what to do with his access but that’s not the point. Simply by having the regulator there, you would be increasing the viability of what you were involved with.
BCN: It is not just healthcare –
Florian Krueger: This goes for any kind of business. It is not health care. Oil and gas, anything. Red tape is an issue over time to be sure. But over time, it will be more and more an issue controlled by the consumer not the authority.
BCN: Can you expand on that?
Florian Krueger: I mean the data will be owned by individuals and the responsibility will lie with the individual to take care of himself and his data. The data will not, as now, be the property of large companies. This is a huge change. You will own what is applicable to you. The shift to digital information will make it possible. People will be more and more in charge of their own affairs.
BCN: That is certainly an interesting perspective. Thanks much for your time
Florian Krueger: My pleasure. Thank you.