Even though everyone is talking about smart contracts and their advantages over traditional paper contracts, only a handful of people are addressing the elephant in the room: most of the businesses don’t know how to use smart contracts yet. Vagan Abelyan, the COO and co-founder of Jincor, is among those few who are trying to make smart contracts and other blockchain technologies more accessible to modern businesses.
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At Jincor, Abelyan and coworkers aim to integrate companies, employees, and businesses under a single blockchain ecosystem, eliminating the legal and technical complications that are currently associated with smart contracts and cryptocurrency payments.
Recently, Bitcoinist had the opportunity to sit down and chat with COO Vagan Abelyan about Jincor, smart contracts, and the company’s future plans and we are pleased to share with you the transcript of that interview.
Bitcoinist: How did the team come up with the idea for the Jincor platform?
VA: I speak both for myself and Vladislav Kirichenko, my friend and the second co-founder of Jincor, when I say that the idea for Jincor emerged from our life-long fascination with innovative technologies with the power to change people’s lives.
We at Jincor believe that modern technologies should be used to improve the quality of human lives by automating routine activities that prevent people from fully realizing their personal potential. No other technology in recent years has had such a huge transformative capacity as smart contracts, and we are excited to be at the forefront of smart contract development.
Bitcoinist: How do you think will businesses benefit from Smart Contracts?
VA: Businesses that decide to embrace smart contracts and cryptocurrency payments at very least can greatly increase their efficiency and speed of transactions. So far, only some of the largest enterprises in the world have been able to benefit from smart contracts due to the inherent complexity of the technology. That’s what we would like to change.
Jincor, the company we are building, aims to be the place where every business—large or small—can easily benefit from cryptocurrency payments and create smart contracts that work flawlessly right out of the box without any coding whatsoever. Once we bring smart contracts to businesses worldwide and enable them to integrate the technology into their activities with no legal or technological complications, we expect that they will be used for anything from bypassing bureaucracy to expanding outside of local markets, increasing the speed of turnover, and much more.
Bitcoinist: Which particular sectors do you believe will benefit the most from Smart Contracts?
VA: Every sector that relies heavily on traditional paper contracts can benefit from smart contracts. Recent research indicates that investment banks alone could save up to $12 billion per year by adopting smart contracts, and I expect to see similarly huge savings across the finance sector.
The legal sector is also likely to eagerly embrace smart contracts as a way to cut down on paperwork and speed up processing times. Worth mentioning is also the public sector, which could use smart contracts for more efficient outsourcing and improved transparency.
Bitcoinist: Does Jincor currently have any competitors?
VA: As far as I know, there is currently no other solution that is doing what we at Jincor do – developing a platform that makes smart contracts easy to use and integrate by anyone without any coding or worrying about legal, technical, or operational complications.
For example, Monetha is bringing easy crypto payments to retailers, BlockCat is trying to simplify the creation of smart contracts, and Aragon is building a digital jurisdiction. Jincor solves all of these problems at once, and it even includes a digital arbitration system to settle disputes related to the performance of smart contracts.
Bitcoinist: How is Jincor planning to establish itself in the global market?
VA: We see how the global economy is shifting toward crypto, with cryptocurrency payments being accepted by increasingly more retailers around the world and new blockchain companies popping left and right. Huge sums of money are being poured into smart contract projects, and many of the largest enterprises in the world, including Microsoft and IBM, are trying to grab the spotlight.
Jincor wants to be the project that makes the cryptocurrency-driven vision of the future happen by allowing companies of all sizes to use the same cutting-edge technology as the largest players in the market. We address cost-related and complexity issues, handle the legal side of things, and ensure that all interactions between our users meet regulatory and corporate compliance policies.
Bitcoinist: How long has the team been working on the Jincor platform?
VA: We’ve been developing Jincor since May 2016, and have recently successfully completed a closed beta test with 30 small and medium-sized businesses across different industries. Since we wrote the first line of code, our vision of what Jincor should be has changed significantly, but I’m proud to say that our original backers have stayed behind us and are happy with the current state of the platform.
When developing a project in a space that changes so rapidly as crypto does, I think it’s only natural that not every eventuality can be accounted for at the start. On top of that, our entire team has gained a tremendous amount of experience, and we are now more certain than ever before when it comes to our long-term goals and the future of Jincor.
Bitcoinist: In which countries/continents are you planning to expand in the future?
VA: Early in 2018, we would like to focus on the Japanese market and then launch marketing campaigns in Europe and the rest of Asia – countries with existing cryptocurrency legislation. Considering the pivotal role Japan has been playing in cryptocurrency development since the launch of Bitcoin, we see the country as the shining city upon a hill that all other countries look up to and see as an example. If we gain tracking in Japan, Europe and the rest of Asia will be easy. At least I hope so.
Bitcoinist: Does Jincor currently have any partnerships with corporations or businesses?
VA: Absolutely. We have completed our closed beta in cooperation with 30 small and medium-sized businesses across different industries, and we already have over 300 companies from all over the world lined up for access to our open beta. Before 2018 is over, we expect that well over 10,000 business customers will have participated in the open beta. At the same time, we are negotiating with a number of well-known companies, but I can’t name any of them before we have everything on paper and signed.
Bitcoinist: How are you planning to secure customer’s information and funds?
VA: Apart from being a piece of software that solves essential problems, Jincor is also an infrastructure, a private permissioned distributed ledger based on non-mining consensus algorithm, that allows users to create smart contracts of the highest confidentiality level. And that additional level of security is an extremely important feature for any tech solution that is supposed to store any business-related information. To use the platforms key functionalities, all registered users have to go through KYC/AML procedures to confirm their identities. For further security, Jincor also makes it possible to create multisig wallets, which require approval from a number of authorized people to get a transaction processed.
Bitcoinist: Where do you see the Jincor platform in the next 5 years?
VA: In the next 5 years, we would like Jincor to include corporate cryptocurrency accounts with multisig support, smart contract templates, and even a decentralized arbitration system for settling disputes. We would like all this to happen in a user-friendly way and with no legal or technical complications. We have a realistic roadmap to make all this happen. Naturally, we can also envision many other related products and services that can be organically added to Jincor, but we like to take things one step at the time and not get too ahead of ourselves. By the end of the day, we want to create that perfect one-stop place on the internet where all the businesses can embrace emerging blockchain technologies and easily roll it out to improve all existing operational processes making them faster, more transparent, more cost-efficient, and secure.
Will Jincor’s smart contract solution pave the way for more businesses to begin integrating blockchain technology? Do you have any questions for Vagan Abelyan? Let us know in the comments below.
Images courtesy of Jincor, Shutterstock