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Simon Read: Becoming the Global Standard for Managing and Transferring Assets in the Digital World

KwikTrust’s vision is to become the global standard for managing and transferring assets in the digital world.

The KwikTrust platform provides secure file validation and management, by enabling files to be uploaded and validated and the results are then recorded on the blockchain to create a permanent and tamper-proof record of an asset. Assets can include intellectual property, proof of ownership of digital and physical assets and contracts.

The platform also locks together the asset with the owner’s validated identity into a NFT to create a transferable asset. This increases security over ‘old school’ NFTs. We call this the SuperNFT and we’ve filed a patent application for the SuperNFT and the KwikTrust Protocol.

The NFT market is still in its relative infancy and we haven’t seen the true potential of NFTs yet, beyond digital artworks that we are seeing today. As a store of value it has much more potential. In the future we will see more assets – Digital and physical – represented as NFTs.

The creation of the SuperNFT is a significant step forward in the field of digital asset management. This will open up the NFT market so people can trust higher value assets to NFTs. It’s a very exciting time to be in this space!

Tell us about yourself?

My background is tech. Back in dot-com times I started my first tech business and raised investment from a tech incubator. It was a baptism of fire and a steep learning curve. From then on I was addicted to working in fast-paced digital businesses.

I’m also a mentor and a judge to several tech accelerators, and I helped to setup the ‘We In Social Tech’ accelerator in the UK for female tech founders who were developing a product that had a social impact. We had some amazing projects on that programme. I first become interested in blockchain technologies and its potential when one of the companies I was mentoring on a tech accelerator decided to pivot to blockchain.

After that I did the Oxford Blockchain Strategy Program, which is where many of the KwikTrust team first met and started working together.

I live in London with my wife and two daughters. Like many people I’ve been working from home for the most part of the last two years. For KwikTrust that’s actually worked really well. Our team are located across several countries and timezones so we are a 24/7 business and heavy zoom users!

If you could go back in time a year or two, what piece of advice would you give yourself?

That’s a great question! I would go back two years and advise myself to collaborate early, and bring as many smart people onto the team as possible. I’m a great believer in the power of teams. With the best team you can create an amazing product, but an amazing product without the best team behind it will struggle to get to market. I’d also give myself a few tips on the best times to buy and sell various crypto assets!

What problem does your business solve?

We have started with the legal sector as KwikTrust solves a major problem in this sector. Document authenticity is key to the legal process. Sometimes different parties in a court case present different versions of the same document and the Courts have to spend time working out which one is the original. KwikTrust solves this problem.

Working with the legal sector is also a great way to increase adoption. Lawyers have to work collaboratively with their clients, with other law firms and with the Courts.From here we can step into the financial services sector, which also has great use cases.

Regarding the SuperNFT, because we can link together the user’s validated identity with the provenance and audit trail of the asset, we have a financial instrument that can be used as security in financial transactions. This will simplify and streamline the market and open up new opportunities.

In the future both digital and physical assets can be stored on SuperNFTs. The outlook in this market is very exciting!

What is the inspiration behind your business?

I was working on a due diligence project for a company acquisition. It was such a slow and laborious task, and there was a constant risk that files we were presented with weren’t the most up to date or had omissions. Any mistake in the review process could have lead to heavy costs and a potential reputation risk. I thought there had to be a better way to do this.

Blockchain is such a perfect solution for the problem as records recorded on the blockchain with a date and time stamp can’t be changed so you have a permanent and tamperproof record. This was at the time when I was starting to learn about blockchain technologies and potential use cases and there was such a natural fit between blockchain and the problem we set out to solve.

What is your magic sauce?

Definitely our team. We have in-house skills across blockchain, tech, finance and marketing. We also have an intellectual property expert, and an in-house legal team so we can keep on top of legislation and ensure we are regulatory compliant. Our team is also well connected geographically. We have team members in the US, Canada, UK, mainland Europe and Asia.

We also took the route of building and launching our MVP product before embarking on issuing the KwikTrust KTX utility token, which is still fairly unusual with projects that launch a token. That was important for two reasons. It enabled us to validate the product with real-life users, and we were also able to prove that our team has the ability to build a product and launch a product.

What is the plan for the next 5 years? What do you want to achieve?

The next big milestone is completing the second and final presale round for the KwikTrust utility token and issuing the token. We will also be minting the world’s first SuperNFT at a major conference in the US and we’ll be announcing the details of this shortly. KwikTrust has a fairly rapid product development roadmap and there will be regular product update releases over the next few months.

It’s very difficult, and often not too wise, to look too far ahead as the market can shift and conditions change. One of the major challenges for the crypto and blockchain industries is ever changing regulations.

Governments have the challenge of trying to regulate for the industry and generally speaking the crypto industry is moving at a much faster pace than governments can legislate for. It’s really important for businesses in this sector to remain agile and maintain their vision and passion.

KwikTrust’s vision is to become the global standard for managing and transferring assets in the digital world. We have a great opportunity to make this vision a reality.

What is the biggest challenge you’ve faced so far?

We haven’t changed course yet, although we have to be fully prepared to adapt to changing market conditions, including changes to legislation.

Our biggest challenge to date has been building the MVP product. We went through a long period of building, testing, getting feedback from users, incorporating those changes and then starting the cycle again. Building a viable MVP is not for the faint hearted. That said, many of the challenges are still ahead of us.

My priority now is to complete the token launch and then start expanding the user base. I’m looking forward to the next phase of development.

How do people get involved/buy into your vision?

We’d love for some of you too join us on our journey and, as a team, we are very collaborative and always open to ideas and opportunities. We are keen to engage with crypto and blockchain enthusiasts and also with commercial organisations, especially those in the legal, finance and government sectors, who want to work on pilots with us.

You can learn more about KwikTrust and get involved by visiting our website at

https://www.kwiktrust.com

To keep up to date with our news you can also join one of our social media channels.

https://t.me/KwikTrustOfficial
https://www.linkedin.com/company/kwiktrust/
https://twitter.com/KwikTrust

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