Today, I have the great honor to share some really interesting and insightful answers, given by Per Lind, a member of the IOTA-foundation and an incredibly successful development specialist.
Mr. Lind describes himself as a “kick-ass business development expert” on LinkedIn and needless to say, that is no overstatement.
In fact, his experience and influence in several fields is more one could ever write down in one introduction, so I try to pin down a few mentionable milestones.
Mr. Lind holds a degree in electrical engineering and from there, has grown to a widely known business expert with thousands of contacts in the global business sphere.
He worked with IBM, IKEA, Carlsberg, WPP and is the former head of marketing of Bang & Olufson.
The list of collaborations with global brands seems endless so we can only guess how big his impact on the global economy really is.
Let me just take David Sønstebøs words as a placeholder:
“Per is the epitome of a connector with a digital rolodex very few can match.“
Right now, Mr. Lind is director of his own growing company Farmor Cloud Factory , and plays an active role in the Asian telecommunication and software development.
He’s furthermore collaborating with HYPR, the leading provider of biometric authentication for mobile payment solutions.
He agreed to answer three simple questions, and I won’t keep you in suspense any further: Here we go!
1.) How did you get in touch with IOTA? Was it a flash of wit or your experience in this field that you wanted to be a part of it?
I was involved with mining Bitcoin from a very early stage, but as I started spending and looking at use cases, it became painfully obvious that the Bitcoin blockchain had some very difficult bottlenecks to contend with. One is the slow validation of transactions because of the mining bit and this makes it almost impossible to scale to any usable size for remittance and all the payment ideas everyone was immediately thinking about. I started looking at M2M networks and quickly came to the conclusion that Bitcoin is completely unsuited for micropayments as is needed in the IoT and M2M networks. About a year ago I looked into some information about IOTA and as I started to read their published paper and some of the things they were playing around with, I got really interested. I contacted David and Dom to hear if there was anything I could help with, and from then on I have introduced them to my vast network globally. We are now working on some really cool use cases and hopefully, we will be in a better position to go into details in a month or so. Personally, I still see Bitcoin as an 8-year-old Proof of Concept which should have been stopped some time ago, so the next generation distributed ledger technology could be developed. That is exactly what we are doing at IOTA.
2.) In this competitive “Game of Blockchains” what’s the biggest advantage for IOTA to become THE interoperability protocol for the IoT, rather than existing projects?
There are several advantages for IOTA. Our basic idea with the Directed Acyclic Graph which makes up our “tangle” solution, is completely unique. If you compare to Bitcoin and Ethereum, there is a vast difference in performance and scalability. With the tangle approach with the need to verify two previous transactions to get your own transaction verified, has flipped the bottlenecks the blockchains have. The more transactions we get into the Tangle network, the quicker the verification becomes. I think there are a few new initiatives like the InterLedger project I participate in at W3.org, where we are trying to build a standard for clearing any cryptocurrency and fiat payments from any blockchain or distributed ledger to another, so we can get true interoperability between all currencies, digital or not, which will greatly help promote the cryptocurrency idea to many more use cases. The zero cost of verification, infinite scalability and the almost instant time to settle transactions are by far IOTA’s biggest strengths
3.) 25 years from now, how changed the IoT the world in your opinion? What is your personal “Arthur C. Clarke”- vision?
I’m probably not qualified to be compared to Arthur C. Clarke in this instance, but we have some excellent visions for what IoT and IOTA can do in the future. One thing we always talk about is to disrupt the whole mobile operator industry. Imagine that you no longer have a contract with any mobile company but you just pay (with micro-payments) on the network which is the strongest and most available as you go. No more headaches about what “plan” you are on; no more restrictions on how or where you use data and also no more ridiculous roaming bills, as you are always connected locally and paying for your usage as you go. With smart contracts on top of IOTA, this can become a very robust disruptive force in the next few years. Also, we have seen a need for a data collection solution for poor farmers, like in Thailand. Here IoT devices can collect all the live statistics which are important for farmers and fish farmers, rainfall, ph levels in the soil or water, temperature, moisture levels etc. Once this is connected to the IOTA network, you get an immutable history for each farmer, which the crop insurance companies can trust explicitly and pay out insurance settlements, should the crop fail because of drought or flooding. So as an example in Thailand, the government does not need to hand out money to the farmers who yell the loudest, this will be handled in a fully transparent commercial way. Also, the farmer can then set smart contracts up, for instance stating his minimum price for his crops or fish and when a direct buyer agrees, the transaction, shipment and payment is automatically settled. This can help millions of farmers to get a fairer price for their crops, get them out of the “middle-income trap” and cut out the greedy middlemen. The World Bank is very interested in promoting a system like this. Bitcoin and Ethereum will be too expensive in these instances, as the micro-payments will be lower than the cost of verifying the blocks in the blockchain. Another twist for the farmers is that they then own their own data and can sell this as they see fit. It is not the seed or fertilizer companies who are the owners of the farmers data. But as you can see, there are unlimited use cases when you start thinking about it. There will be some really wild things popping their heads out over the next many years, 25 years is a LOOOONG time, so not sure I dare venture that far into the future. One fundamental issue we need to get tackled is the security for the access to these solutions and the IoT networks. We are working on some really cool things here as well. I am sure this will give your readers some food for thought and we are always prepared to answer any questions you might have. Greetings from Thailand.
Dear Mr. Lind, I’m very grateful that you spend your precious time to give us a little bit of insight.
My best wishes to your ventures in Thailand, thank you!