Salim Ali and Sadiq Quasim on data sharing at Loyakk

0:24would start could you please give us an overview of the project and the solutions that you guys are providing in the data industry thank you Ash happy to so what loak is attempting to do is to build a platform so that enterprises businesses can share data outside their company boundaries but still have the ability to track it and understand where it's going once

0:48it leaves their company boundaries wonderful you know data is King in this world so I'm glad that you guys are providing Solutions in that area but there has been some talk about data in the recent times specifically towards gdpr one of the hottest topics in fact especially in Europe sadik I know you guys are over in Europe some people think that blockchains having

1:11data immutable on those blockchains poses a risk to gdpr how is loak dealing with this right now so one of the things that loak does is we track the underlying data and which is basically solving major it of the gdpr challenge so gdpr according to article 17 is the right to be

1:37forgotten and what we are able to do is being able to track know where that data is at any point in time and have full control over it regardless of whether it's within your firewall which is fairly simple and you have control over that but when it leaves your firewalls goes to other other system sys owned by Third parties that you just don't have control over it what

2:04we are able to do with the low token is being able to track the data where it is at any point in time and have complete access to it that's great and selem are you guys actually storing the data on a blockchain or are you just using the blockchain to track that data I know one of the early use cases of blockchain was ipfs and decentralized storage so I see

2:28us moving towards that in the future perhaps but is that where we're at now or are we simply tracking the data using the blockchain yes it's a hybrid model astion it's a very good point right for two reasons one data today sits in on premise data clouds it sits outside in public clouds it sits in app clouds as well like Salesforce whatever so the

2:53problem is data is anyway across boundaries putting data onto a blockchain is very heavy-handed blockchain is not meant for that so we are using a hybrid approach whereby the data sits in an IP of a system but the blockchain has a record and the transaction log that points to the data thereby achieve the ability to track but not be slowed down by the

3:15large footprint of data in the blockchain itself wonderful and it sounds like an obvious solution and I'm glad you guys are working on it but there must be other competitors in the space that are trying to do the same thing are there other competitors in yeah yeah it's interesting right people who understand blockchain don't Enterprise and don't fully understand

3:37the complexity of Enterprise applications and vice versa so we happen to come from the world of sap Oracle sa VMware HP so we are kind of bringing the worlds together so therefore it just understanding blockchain alone is step one so we are building an Enterprise get application on top therefore at this stage we seem to be the first on out of the gate by a wide margin I'm sure

4:00people will follow especially if you're successful but for now we have a clear run and people will be catching up inevitably and how much information do Enterprises use need to know about blockchain to efficiently use loak you know blockchain is Plumbing Enterprises need not know or care that it's on blockchain right it doesn't matter if you're providing a

4:24business value and a business function that happens to use blockchain because the best done technology for this purpose but when we sell and we talk to our customers in proect we don't emphasize that you need to be an expert in blockchain in fact you don't have to be the platform match the complexity so that for them it's an easy Enterprise grade application wonderful and you mentioned

4:45earlier that part of your team has worked for sip some big data center companies could you speak a little bit more about your core team and any high level advisers you guys have on loak yeah so the team SP fans sap Oracle Cil HP trade IBM so the code team is very very Savvy we think Enterprise we know how to build Enterprise great products

5:12that's number one in addition to that we have our Advisory Board is Blue Chip from xsap CMO from Nissan motors from Zurich Insurance some of the largest Enterprise companies on the planet so that helps us get a very deep insight into their needs that's the idea there and thirdly if you look at that broadly right it's a very Global footprint our advisor sit in you know in Brazil in

5:39Europe in Japan in the US so we want to have that transparency across regions because our Market is global right so that's the mix we have so anything to add to that yeah I think one of the main things is that most I guess blockchain companies that have gone through this process have a lot of crypto advisors we have some of those on board as we went

6:04through our Ico but we have paid more attention to having sort of Tony Thomas who is CIO of Nissen or Eric rman who is a CTO of Zer insurance from Latin America and the reason we have those sort of fairy I guess Hefty individuals on our board is the solutions that we are developing is going to have a high impact on their

6:34business model and how they want to move forward and which is why they've come on board to you could say a startup like loak and the vision that we have that's great and I think that goes back to the fact that as you're growing really a lot of your customers as you said selem they don't need to know about blockchain or cryptocurrency it's the plumbing it's the backend it's how it

6:58works but knowing the industry the data industry is what's really going to push you guys and give you that competitive Advantage moving forward it's interesting ashon you said a very subtle point which is very important right businesses care about value of course the tech is important but the pro the challenge always is to make Tech simple enough not complex easy

7:21to make it complex so we are focused on making it simple I'll give you an example right think of us as the FedEx for the digital world if you send a physical letter today you know a truck driver picked it up from your home it got to a clearing station it went on a plane you can track it completely but ironically you can't do that for your digital data once it send

7:45something to you outside my firewall I'm completely blind that's ridiculous in this day and age we saying we bring transparency like never before and happen to use blockchain to do that right so that's what we're essentially trying to do that's wonderful Sim and are you guys already doing that right now what point is loak at in the market is the product released you guys have

8:06customers I'd love to hear a little bit about that so we built version one which is being tested out and trial right now and it's not on blockchain By Design we put it on MySQL in AWS because we want to get the other aspects nailed on first the process flow the content engine the ux layer we got all of that done we have customers using it today this are

8:28multi-billion dollar company using it today now we working on transforming the underlying data store moving it onto something like hyperledger for more the ipfs plus hyperledger combo for be able to track it so that's where we are right now I'll give you a quick story a short anecdote actually I was at a company about two months back in the Bay Area in

8:50Silicon Valley the largest cloud security company on the planet and they are telling me S do you have this today we want to use it the problem is they are able to protect data at the firewalls people coming in but once data left their firewall to the partners to support organization outside they can't track it which means if they can't track it this gdpr compliance violation if you

9:17don't know where data is how can you pull it back how can you be forgotten so that's the example we are working we excited we are working towards wow that's awesome and I know I've heard things about you know if you break the rules of gdpr there are very Hefty fines so finding a solution like this I'm sure you know just avoiding those fines altogether is just one thing

9:38but improving the transparency and traction of document sending sounds like a lot of Enterprises should be using this so are you guys have do you guys have customers globally already or are you based it mainly in the Bay Area no our customers are across the globe we're customers in Europe in Asia and the us as well and we've been very cautious in not trying to have too many

10:04because we can't consume so many because we want to make sure the version we're building is Enterprise grade before we go Mass so this year is going to be building and tightening the product so that it's ready for Mass consumption and then starting next year we'll try to go even larger and broader so we are in the if you will in the incubation phase

10:23right now so anything to add there yeah I think I mean we have had this where our existing customers have said look we love what the product that you're providing for us can we roll This Out across different business units within the organization and to be honest and this is something that sale and myself and our CTO we have this constant conversation where we saying hold off

10:54let us build this the proper way once we have learned from what how they're using it before we go all out so to a certain extent we're saying hold back till we've got the whole thing completely nailed down that's great and as you guys develop out a more well-rounded customer base how do you plan to monetize that or what's the business model that's going to be put in

11:18into loak yeah it's pretty simple think of it as a SAS model is blockchain in the cloud an applications tag on blockchain the cloud so our license model is a license fee to bootstrap the network if you will then we charge customers based on the number of nodes they want within their private partner Network and thirdly it's usage consumption based if

11:41you use it for x amount of data you pay a fee if you want to go to the next year you pay more so basically idea is make it consumption driven you pay for what you use as simple as that but all SAS all Cloud simple as great I also have a burning question for sadik in the news we've seen a lot of data breaches for major tech companies like Facebook

12:03LinkedIn some of the biggest companies in the world is loak Solutions something that could solve these data breaches moving forward yeah absolutely I mean data breaches usually happen by two reasons one is human interactions and there's nothing we can do where someone is going to be malicious right all we can do is have

12:34things in place where if there is data that is being moved around and we're tracking it and there are certain business roles that will be within the smart contract saying if something waivers outside that it triggers something off and that trigger might be cut access to that data so you might have a data leak happening or if someone is taking data putting it on a USB stake

12:59It picks it up to say wow that's not something we won't allow and cut off the access to that organization or that individual and we have it down to a granular level where the customer can then Define the type of security access levels right across their organization and their Partners that's great cut it off at the source right I like that moving

13:27forward protect our person personal privacy and data sounds like you guys have something really great going on how can people learn more about loak and get involved so the main is our website l.o but we do have a fairly strong telegram Channel which has and I think we have found over the last few months a lot of our supporters and who have

13:56purchased tokens during Ico understand the space quite well we're different from most icos where we're talking about data data security and the Enterprise and we have started seeing people who work within that industry coming up to us and saying hey I know exactly what you mean because I go through this problem and I face this problem day in and day out and hence

14:21there's a lot of active conversations about exactly this taking place on the channel so yeah the Lo telegram channel would be ideal Place wonderful I'll leave the description the links to your website and the telegram in the description box below and I really appreciate you guys taking the time Saleem sadik it's been a pleasure speaking with you looking forward to

14:43following up in the coming months and until then thank you for your time thank you pleasure pleasure talking to you