The pace and scale of technological change is fundamentally altering how value is created and distributed in the world. Executives in established companies across all industries are under increasing pressure to reinvent their businesses to stay relevant in the face of stiff competition from digital natives. While the relationship between incumbents and insurgents is often portrayed in adversarial terms, there is enormous scope for mutually beneficial partnerships. Digital Transformation requires changes to key enablers or the installation of new ones – big data and analytics, IT systems, operating models, people, and organisational culture. While digital transformations are obviously about technology and processes, technology often turns out to be relatively easy to get right. The changes to how people work are more difficult to get right. How can industry incumbents and disruptors work together to leverage digital enablers to become more innovative and adaptable? How does this affect an innovative start-up attempting to lead transformation activities in the digital world?
Thinking about how far the world has progressed in recent years with respect to the digitisation of every facet of our lives – in financial services, manufacturing, travel, security – change has been extremely rapid and profound. Thirty years ago there were no mobile phones, no drones, no autonomous vehicles or complex robotic manufacturing equipment. Yet, we have embraced them enthusiastically in our personal lives. So why then do we find it hard to accept these changes when it affects our business lives?
Organisations tend toward a status quo; inertia provides a capacity to resist change. Staffs are so busy with their regular daily grind that experimentation and “thinking outside the box” becomes the exception rather than the norm. Of course there will be pockets of innovation but it is generally localised rather than being culturally pervasive across the organisation. Actively looking at ways to improve and move to the next level across the enterprise tends to be driven by a top-down initiated focus.
It is when small pockets of experimentation lead to more formalised experimentation that activity becomes intentional and the initiatives become more audacious. The excitement of possibility becoming reality then takes hold. Formalisation leads to strategy and quickly, or not so quickly, the idea formalises into a strategic goal. This evolution then becomes the norm. The adoption of change can become systemic.
Sedicii is a pioneer in the space of identity verification systems where it uses a patented zero knowledge proof (ZKP), cryptographic protocol, to help people and businesses prove their identities in a fully privacy preserving fashion. So where does Sedicii fit into the new world order that is our new digital reality and even more importantly why does it matter?
“90% of CEO’s believe the digital economy will impact their industry, but less than 15% are executing on a digital strategy” according to M.I.T.’s Sloan School and Cap Gemini. For me, this is fundamental and it drives my thinking on how to make the digital world work for both business and the consumer. Having an ethical business that provides a service in which all parties in the transaction chain benefit is the objective; the business becomes compliant, more efficient, ethical and profitable and the consumer has confidence that they are being treated fairly, that they are being appropriately rewarded for their loyalty and that their assets and personal data are secure.
Considering digital transformation is at the heart of everything Sedicii does, it means we are on a constant journey to define a pathway to the next point in our development journey. We are constantly thinking hard about how we can leverage new technologies, like blockchain and cryptocurrency, to apply them to our work with digital identity. From this work Kriptan was born.
So, what is Kriptan? The Kriptan Network is a global identity network which enables real-time identity verifications from trusted identity providers (governments, banks, telco’s, utilities) ensuring that businesses can react quickly to new information about their customers while at the same time providing the highest possible levels of privacy. Data is never exchanged or copied over the Kriptan network unless the customer expressly consents. Payment for these transactions is made through the use of a new digital asset that is recorded on a new style of blockchain. This makes the transaction fast because it is executed via smart contracts; it is low cost because there are no middlemen, it is highly secure because of its implementation using distributed ledger technology and it complies with existing regulatory standards for KYC and AML.
With the new General Data Protection Regulation coming into force on the 25th May 2018, this kind of lateral thinking provided a way for us to create a service that businesses are going to need to overcome many of the inherent challenges that they are shortly going to face.
We are moving into a post-truth world where the truth will be hard to discern; where either trust or distrust will be the basis of how we interact with each other and where everything we once believed to be correct will be challenged on a daily basis. Given this is where our world is going we have made the Kriptan network so it will deliver more than just a service. We want our customers to see it as an arbiter of trust and a source of truth which becomes an intrinsic part of their daily lives. We want Kriptan to become indispensable as it responds to the challenges that will occur over the months and years ahead.
So, in the words of Steve Jobs, Co-Founder, former Chairman & CEO, Apple Inc. “Let’s go invent tomorrow instead of worrying about what happened yesterday.” That’s how we see the world.
About the Author
Rob Leslie, Founder and CEO, Sedicii is Rob Leslie is CEO and Founder at Sedicii. He is a successful entrepreneur, a true visionary who delivers business results by taking opportunities, chances and risks when required. He has a solid track record of building and leading teams to positive results. An engineer by background Rob has a serious interest in identity, trust and security. Rob lived and worked for almost twenty years in Japan where he held senior management / director level positions with Datacraft Japan, PTS Ltd., eSafe Japan and Dell Japan where he was part of the initial management team that launched Dell into the Japanese market. Rob is also co-founder of Global Business Register which specializes in identity and compliance solutions for companies with AML & KYC regulatory needs.