Matthew Commons, CEO and Founder of Cambridge Blockchain, Inc, took the time to discuss the Infrachain initiative and the challenges faced in the development of Blockchain applications.
When and why did you join the Infrachain initiative?
Cambridge Blockchain was a founding member of Infrachain joining in 2017. We became part of Infrachain to support our production deployment with LuxTrust, the IDKeep system for managing personal ID data. We are looking forward to using our software with Infrachain on other use cases as well.
What are the challenges you are currently facing when it comes to the development of concrete Blockchain applications?
One of the biggest challenges with blockchain is that it is a network technology, so you need to establish a strong stakeholder set in order reap its full benefits. Infrachain has been extremely helpful in this regard by assembling a strong member set, crossing governments, technology infrastructures, financial services and legal resources.
What about their main advantages and opportunities?
Blockchain allows many administrative and governance functions to be managed by a shared technology layer. In many cases these functions previously needed to have a central single party in control. With blockchain it is possible to have systems that are more efficient, private and secure.
According to you, where will Blockchain be the most efficient? How and why?
Blockchain will be the most efficient connecting a diverse network of stakeholders, and where there is no single entity trusted to manage all data. At Cambridge Blockchain, we are particularly enthusiastic about applications for personal identity data, corporate identity data, supply chain and IoT. While we are not building payment applications directly, we do interface with payment companies such as our new investor PayPal.
What is needed to really kickoff the adoption of Blockchain?
At this stage, the underlined technology has reached a level of maturity that is fit for production across several use cases. Many of the headwinds we see for specific blocked projects have less to do with technology and more to do with appropriate system governance and operations. Collaborative entities such as Infrachain are playing a critical role to solve these issues.