MEET OUR CODE_N CONTEST FINALISTS 2018: Finboot from Spain
Looking beyond the hype of blockchain, Finboot, a CODE_n CONTEST Finalist from Barcelona, Spain, is focused on providing unequaled blockchain applications for a safe, easy to use integration of this technology into the operations of any corporate enterprise. Founder and CEO Juan Miguel Perez ran us through blockchain technology as a value creator in the digital transformation of an organization.
Iulia: What is Finboot all about?
Juan: Finboot is a dynamic group of people with a shared mindset and mission: create and deliver value using blockchain technology. Our focus lies in moving beyond the hype and working shoulder to shoulder with enterprises in order to create the best blockchain applications for their business. Finboot aims to deliver applications for the entire corporate organization, enabling companies to achieve digital transformation across all sectors of industry. All these factors have been combined to create our delivery network: MARCO. This takes the complexity out of blockchain, providing the business user with applications that are fast, secure, and easy to use.
Iulia: How did you come up with the idea?
Juan: All of us at Finboot have been working on technology for most of our careers, with a particular focus on building practical tech-based products and services. We initially worked on smart contracts (the engines that run blockchain applications). But we soon realized the limitations of this technology in allowing users beyond this highly niche area to interact with engines – unless they understood the underlying technology. That’s how MARCO was born. It’s a window to blockchain for business.
Iulia: What are you trying to solve?
Juan: It all goes back to our motivation of moving beyond the hype. We’ve been talking about blockchain and all the potential it offers for years, and there’s a general understanding of how and where the technology can add value, but now it’s time to move from exploration to delivery. To do this we’ll need to create a vehicle for adding value – a vehicle that’s made from practical tools that allow companies to introduce blockchain to their business. This vehicle is what Finboot has been designing, building, and testing. We call it MARCO – our blockchain delivery network.
Iulia: Blockchain is an emerging technology. Where do you feel it holds the most potential, and is that also a target area for you?
Juan: I think one key area where blockchain will have an impact is the supply chain. Even ignoring specific sectors (retailing, manufacturing, freight forwarding), supply chains are complex systems that rely on interaction between different organizations and jurisdictions. Until now, the logistics behind supply chains have relied strongly on the support of trusted third parties. Alternatively, bureaucratic processes had to be introduced but these affect performance. Blockchain technology is a powerful enabler in the digitalization of supply chains. It has the ability to optimize performance and simplify tasks. But perhaps what is most interesting is that this digitalization of processes paves the way for new products and business models as drivers of new revenue. This is why digital supply chains are one of the main verticals of MARCO. We’ve been working with a listed company in the oil and energy sector to help it optimize the supply chain of petroleum derivatives. This has involved applications that are now part of the MARCO suite of blockchain applications.
Iulia: Thanks a lot for the interview, Juan!