Interview With Willy Wong, Co-Founder Of DATAVLT — A Data Analytics Platform Based On Blockchain
Willy Wong, co-founder of DATAVLT told Blockspoint how blockchain can provide informational independence to everyone.
How did you first find out about blockchain?
I found out about cryptos in 2011. Bitcoin was around $15 back then. I used to be a gamer and had two state of the art graphics cards in my rack. One of my friends told me that they were perfectly suited for mining.
At some point, technologies evolved so quickly that it became possible for people to start creating blockchain-based applications and platforms. That was the turning point, which opened up new business opportunities leading to the emergence of big players as Litecoin and Ethereum.
Are you working on at the moment?
We decided to move away from cryptocurrency and focus on data analytics (DA), using blockchain technology to segment data — more specifically, business data. We know that large corporations have both money and capabilities to deploy expensive Data Analytics unlike SMEs. The gap between large corporations and small ones is immense and we are trying to fill this technological gap. Our aim is to build secure information ecosystems to give businesses the opportunity to analyze data and make more informed decisions.
What does your DATAVLT actually do?
DATAVLT is an on-demand, self-service Data Analytics platform designed to provide our clients with an integrated overview of the state of their business based on available data. We take into account the complexity of data analytics and are creating a convenient, handy platform, on-demand platform to help manage information easier.
Is it possible to safeguard personal data from the likes of Google or Facebook?
That is a good question. The problem is that data can still be collected regardless of whether users give their permission or not. When we visit a website or use an app, all our actions are automatically tracked and stored. This is where blockchain can help segment between the general info from the private/sensitive ones. Blockchain provides that added possibility to hide personal data from Google and Facebook. This is what informational independence is all about
What are the main purposes of blockchain ecosystems?
Ecosystems are a natural result of the blockchain growth. It is a community-driven technology where each sphere defines its own rules and audience. History abounds with many decentralized social groups, such as tribes and kingdoms. Over time, large kingdoms rose above the rest ones and heavy centralised political machines appeared. Our society is now gravitating towards a centralized economy although Blockchain would allow us to go a back in time when people managed their own finances more independently
Why do people not believe in blockchain?
The emergence of an online darknet market known as Silkroad appeared in 2013 and was a platform where drugs, guns and other stuff were available to be purchased if you had Bitcoin. Thus the natural negative association of cryptocurrencies with illegal activities. It is unfortunate that many people still think that cryptocurrency is an instrument for using to purchase illegal products.
Unfortunately, when conversations around blockchain arises, there is a natural propensity to draw an association with Bitcoin and a failure to recognise the uses for the technology behind it — which is a unique and innovative force and can be used for the betterment of humanity.
There are many good projects out there currently but we aspire to different by inventing the next curve and setting our goals high. Yes, we understand and realise that the world needs time to embrace new technologies and that is why we are creating new applications instead of just emulating others
In what spheres can data analytics be used?
I came from the gaming industry and in my opinion, Data Analytics can be applied to VR and the gaming industry to help us better understand consumer behaviour
We currently have digital reality and assets yet the world doesn’t seem quite ready to embrace it. What are your thoughts on digital disruption?
I live in Singapore, so I suppose I could understand both Eastern and Western mindsets. In the West, there are authors like Isaac Asimov who writes about moral issues influenced by technological innovations. In the East, there seems to be a preference to embrace new technologies more rapidly. For example — China has adopted the use of a cashless payment system through the use of smartphones and QR-codes unlike other parts of the world where currency changes hands daily.
Why does Asia seem to be more engaged in blockchain projects?
Historically, Asia had been slower to adopt new technological advancements as compared to the west. The race to catch up with the West is a strong motivating factor and could be one of the many reasons why many Asian countries are now moving to adopt new technologies more quickly.
For example, the Monetary Authority of Singapore is experimenting with a Central Bank Digital Money using blockchain. It wouldn’t come as a surprise me to me if China decides to implement a national cryptocurrency system soon, given it’s push to go beyond cashless
What are DATAVLT’s plans for the future?
We are finishing our MVP and engaging partners to test our platform while hunting for top talents to help further our mission. There are also upcoming plans for a public sale in Aug 2018.