Blockchain Studio democratizes access to the blockchain18/05/2018
Tomorrow the blockchain will be everywhere. Even if we know it theoretically, for many it is a technology that is still difficult to grasp, let alone to use. Blockchain Studio aims to put the blockchain within reach of everyone and to make it widely used.
Corentin Denoeud, Blockchain Studio’s general manager, gave us a passionate interview about the possibilities of the blockchain and explained why his startup will beat the ENGIE Lab at Viva Technology from May 24th to 26th.
Blockchain studio is an SAAS app that allows anyone with a business idea to develop an application using on the blockchain. Up until now developing this type of application required reaching out to experienced developers, who are a rare commodity since it is a new technology.
Just as there are now tools to develop a website without having to code, our reason for being is to offer this opportunity with regards to the blockchain.
Can you explain in a simple way what the blockchain lets you do?
The blockchain facilitates trusted, transparent exchanges between people through a technology similar to the Internet but where data and values are exchanged instead of information.
The transparency of the transactions and the trust this creates means the blockchain could avoid the very high costs of using trusted third parties. Example: to register the purchase or sale of real estate, you have to go through a notary, who records all the elements of the sale in a centralized cadastral record. So we have use two different trusted third-party providers to guarantee the transaction, the notary and the land registrar, with significant costs each time.
How does the blockchain work? To use the example of the land registrar again, imagine the building housing the registry catches fire and that it is destroyed. There would be a war in town between inhabitants to recover as much land as possible. This used to really happen. When it did, there were two possible solutions. Either reinforce the building that houses the registry and make it hyper secure and fireproof, which is very expensive, or share the information so that there is always a copy. So each resident receives a copy of the register and as soon as an operation is carried out, each one updates his register.
This second way is secure, because even if someone wanted to cheat by modifying his copy of the land register and seize some property, you would need more than 50% of the people to agree that it was true.
Sharing it means everyone has the same level of information and avoids the need to use a trusted third party.
How do you help make the blockchain accessible?
Companies are aware of the use of blockchain in all sorts of businesses, but they often don’t have either the knowledge or the resources to act and don’t know how to implement their ideas.
Blockchain Studio will guide these users step by step to allow them to model their business. We help them understand exactly what kinds of events will take place, the stakeholders, the transactions, and the business logic. Based on these elements, we automatically generate a code that the user can deploy on the blockchain of their choice. We will then generate the web or mobile user interfaces for them to use and share their application.
We offer everyone the possibility to create an application on the blockchain without having the requisite technical knowledge.
What kinds of use cases are there for your solution?
There are enormous numbers of use cases. Take Uber, AirBnB, or Booking.com, which are trusted third parties that could be eliminated through the use of blockchain. As could organizations that certify the traceability of materials or food.
The blockchain can be applied in almost any context: banking, insurance, energy, logistics, retail... It’s already becoming widely used to transfer money, which was the origin of both the blockchain and bitcoin: millions of dollars no longer transfer through banks.
What are the potential benefits for businesses?
- Cost reductions, either with regards to infrastructure or personnel
- Improving the customer experience. If we take banks as an example: if you make a transfer at 10 pm, it’s only taken into account the next morning, or even a few days later if it's a weekend. The blockchain allows for instant transfers. Some banks are already setting up this type of system, which allows them to attract more customers.
- 40% of the value that will be created by the blockchain is from business models that don’t exist yet. Gartner expects $175 billion to be created annually by 2025 thanks to the blockchain.
- If we trace the curve of what the blockchain will generate over the years, it looks exponential starting in 2020, that is to say tomorrow...
Tell me about your story with ENGIE.
Blockchain Studio was actually born thanks to ENGIE after an Innovation challenge launched with ENGIE employees. This challenge, which takes place every year, gives employees with new business ideas using innovative technology to reach the POC stage.
In 2017 the challenge focused on the blockchain and ENGIE called on one of its IT partners, Maltem, to develop an application capable of developing these famous POCs.
The app was a success, so ENGIE and Maltem teamed up to create Blockchain Studio and explore possible business.
And we hope it's not over!
What will you be showing at Viva Technology?
On the Blockchain Studio part of the booth we will demonstrate our solution with an explanatory video explaining the benefits of the software. Our team of experts will be there to advise visitors and guide them to the next step in their blockchain projects.
And we will be using the Blockchain Corner to giveVivatech participants the opportunity to create their first smart contract in 30 minutes using Blockchain Studio. In practical terms, each participant will have access to the Blockchain Studio, model their idea on the interface and leave with their smart Contract ready to be used without and previous technical knowledge.
Our goal: to make the Blockchain accessible and widespread among the participants who visit one of the two booths.
What do you expect to get from participating in Viva Technology?
It will be the final stage of launching our first product, so it is very symbolic!
Our big advantage is that we can work with any kind of business, but for many people the blockchain still remains a mysterious concept. We are here to break this technical barrier.
Viva Technology is the place where you meet many people interested in innovation, among them surely prospects and probably partners.
We are also delighted to be so close to ENGIE, because our application can be used in many of the Group's businesses, including dams or smart grids. And Vivatech could be an opportunity to build even stronger bonds with you.
Blockchain Studio is the easiest way to the Blockchain.
And finally for you the future will be ...?
The future will be blockchainized!
The blockchain will be everywhere in no time. In 1990 no one imagined being able to buy milk via the internet and having it delivered an hour later or to order a taxi via the internet. In the life cycle of the blockchain, we are at this stage. With the experience of the internet in mind, we sense that something huge is happening, but we still don’t know exactly what it is going to be; it’s still really early, and it's really exciting.
Our role will be to democratize the blockchain and allow everyone to benefit from it.