Spotcoin CSO on the Potential of Blockchain & the Upcoming Hackathon

Exclusive Interview

Blockchain is the hottest topic in technology these days, with the prospect of streamlining many facets of everyday life. The NEO Black Sea Community is bringing together top developers in the region for a three-day hackathon to tackle issues affecting the Georgian people by improving government services using Smart Contracts.

The NEO Black Sea Community Hackathon kicks off on September 28 at 19:00. Teams will continue programming on the 29th from 09:00 - 23:00. Final touches will be put in place on the 30th at 14:00, with final presentations at 16:00, and an award ceremony at 18:00. The event is being held at the Geolab in GAU, 8 Merab Alexidze Str., Tbilisi. 

Spotcoin is a startup fintech company using blockchain technology with the aim of making blockchain and digital currency accessible to everyone. GEORGIA TODAY sat down with the sponsor and organizer of the event, Spotcoin Chief Strategy Officer Sean Mulcahey, in order to shed some light on the blockchain concepts and upcoming hackathon. 

A lot of different blockchain applications are appearing, and one of the main focuses of the event is Smart Contracts. Tell us more

One of the most valuable things blockchain technology provides is the ability to write and program contracts in such a way that when certain conditions are met, it will automatically execute. It’s pretty much open to whatever you want to put in the contract, and it creates a way for you to be able to exchange value without the need for trust between people. This is only one of the three components of the NEO blockchain, with the others being Digital Assets and Digital Identity. The blockchain itself handles this via crypto logging and, without getting into the technicalities, it’s basically a very secure database which is controlled by cryptographic keys.

What does the future application of this system entail? Will it expand?

I believe these Smart Contracts as a part of the “Smart Economy” will affect all parts of global economy and governments; in fact, this upcoming event has companies from all over the world attending and focusing on engaging with the government. It can be described as a collaboration event with the exploration of blockchain, and how it can be used to make government services better.

Do you think the Georgian government is a bit more open to these blockchain ideas than others?

Absolutely. I know the Prime Minister is very interested in implementing blockchain technology, especially for purposes such as improving education and applying it to the Revenue Service. Georgia is earning a reputation for being more forward-looking in the scope of blockchain technology in order to improve multiple services for economic prosperity.

Are there any specific investment opportunities in something like this?

Yes. Last year, there was this big hype over the initial coin offerings giving opportunities to invest, but there are still significant risks and it’s still quite a new thing, so people should be cautious about which projects they invest in.

Back to the event this weekend: what exactly is going to happen there?

This event is not specifically Spotcoin-hosted but rather by the NEO Black Sea Community, and we’ll be proposing to developers how systems like Smart Contracts can be used to improve government systems. This is the basic theme: introducing the value of blockchain to the government and explaining how to implement it.

Where is the future going with this? With innovations like Smart Contracts coming up, is this a permanent world-changing event?

In my view, this is bigger than the internet itself in terms of its impact on the global economy and governance. It allows a freer exchange of value and a creation of infrastructure that was not possible before. Regarding the cryptocurrency hype, people were just looking for investment opportunities but the real value lies in the actual implementation of blockchain technology as a whole. The internet provided the world with a platform for centralized business, but blockchain creates the opportunity to still derive that value, just in a decentralized way. This is just the beginning.

We believe the potential Georgia has for this is huge. Blockchain technology is a bit difficult to understand for the average person; however, we help that discovery process with the government and in the end, we see real companies solving real problems related to tourism, emergency response and overall economic problems. Spotcoin as a company sees Georgia’s success in this as our success.

Anything you want to say to people who want to get into blockchain technology?

Well, first of all we are always open to exploring partnership opportunities with other companies. Self-teaching is the best place to start for anyone looking to get into it. There’s a lot of content out there, and you won’t exactly find someone with years and years’ experience in this because of the fact it’s so new. The other thing is to attend events that encapsulate blockchain technology and build contacts in the industry. It’s seen as complicated, but it doesn’t have to be: with everything going on, you can self-learn and build contacts easily.

By Shawn Wayne