Why is the Fourth Industrial Revolution expected to be unlike anything that humankind has ever witnessed before? For starters, technologies such as DLT and blockchain are all set to rewrite the existing system of trust, identity, and economic exchange and solve the inefficiency of current systems and methods within the society. Immutable data including executable code changes the political economy and opens the doorways to post-capitalism. "It is from this revolutionary point of view that we have decided to put our skill sets together," begins Daithi Coombes, CTO, of BlockInit.
Founded by six like-minded individuals—experts in their respective domains such as business, IT, and design—Dublin-based BlockInit advances the knowledge and use of DLT through disruptive services for businesses, SMEs, and individuals. "Everybody at BlockInit sees DLTs akin to the steam engine and we are just at the beta stage," states Coombes. "We decided to be part of this journey, see what we can build, and importantly provide a platform for anybody to innovate.”
Clearly, the company’s unparalleled credibility largely rests on their team of experts, which comprises the founding members of Crypto Café, a cafe in Dublin that accepts cryptocurrency and Coder Forge, a non-profit NGO dedicated to promoting technology through workshops and meet-ups.
Our mission statement is to take on projects based on its merit and ensure that it does not get shelved due to lack of funds or business experience
At its core, BlockInit offers a wide range of services in line with ICO, crypto and mining, engineering, and holds engaging training sessions on smart contracts, blockchain, and DLT for both technical and nontechnical individuals. The company also regularly arranges meet-ups and free talks to educate the industry on the DLT space as well as improve networking. So to speak, BlockInit promotes the application of DLTs not just from a marketing and industry perspective but because of the importance of public awareness on DLTs. In line with that belief, the company is gearing to release training packages for the public and SMEs, as existing educational packages are mostly exorbitant, catering to the needs of managers or IT personnel with higher than average salaries.
A fundamental part of the company's mission statement is to take on projects based on its merit and ensure that it does not get shelved due to lack of funds or business experience. "Our business model is based on scalability and as a result, we take up projects where the core idea stands out. We want to be able to say to anybody - 'that is a good idea, we’ll build it and run it, while you get royalties and we get paid,'" explains Coombes.
The versatile nature of the projects handled by BlockInit is a clear indicator of their expertise and efficacy. For example, the company is working as a lead architect for TEQBLOCK that addresses insurance fraud through a decentralized ledger. BlockInit also provides Smart Contract Advisory to clients such as Gaimin that hopes to solve the centralising of mining power by distributing it to gamers and thus allowing them to earn passive income. In addition, their internal product, feiPay, solves P2P payment latency problems with crypto coins. “This is a big one and the MVP should be in specific retail and restaurant outlooks in Q1 2019," reveals Coombes.
Currently, BlockInit is aiming for major milestones and the year ahead looks promising. They are expecting to fund client projects fully from concept and pre-seed to implementation as well as expand their model across the globe. This will be achieved through a network of Crypto Cafe’s and hopefully Bitcoin Embassies across all continents.