"Public Vs Private Blockchains": a little chat with our main speaker Roderik van der Veer

As an introduction to the topic of our next event (press release available here), we asked a few questions to our main speaker Roderik van der Veer, the co-founder and CTO of SettleMint, a Belgian company that “delivers the shortest path from a business idea to a blockchain based product”. "Mint", their middleware solution encapsulates this experience and functions as the foundation for real-world applications like registration & authentication of documents, provenance tracking, Know Your Customer, decentralized marketplaces, IoT, and digital voting.

1/ Hello Roredik! First of all, could you tell us how did your path come across blockchain?

I was working with Matthew (i.e. CEO of SettleMint) on KBC Bolero projects like the brokerage platform and the crowdfunding platform. After we put out Bolero Crowdfunding, we were looking at ways to solve the biggest issue in equity crowdfunding, the lack of liquidity. At some point, Matthew came across blockchain tech, called me and in a few weeks we put out the first prototype of a secondary market for these shares. It was at that time that we realized the tech was so much more than a one use-case and that we had a competitive advantage because we were actually able to build these solutions.

2/ Authorities play an important role in the evolution and adoption of new technologies. Their support or control can be expressed in terms of subsidies supporting ongoing development, tech-friendly regulations, concrete measures such as content censorship or more recently, GDPR, in order to prevent any violation of citizens rights. In the case of Blockchain, governments have been misled by the obscure reputation of Bitcoin during almost a decade and it seems authorities finally realize blockchain technology could be a game changer in the way organisations and countries interact with each others on many aspects. How good/bad do you think this long-lasting confusion influenced the development of blockchain globally? Are you part of the “let the technology evolve by itself” or do you think a technology should be regulated in order to benefit to everyone?

I have a very pragmatic view on these things. Legislation in Europe - from conception to actual implementation on member state level - takes about a decade to be implemented. Nobody could have predicted this tech could shake up the established order. What you do see now is smart leaders taking these technologies in stride - Alexander De Croo on the Belgian level and Eva Kaili on the European level - are trailblazing to get this new technology in legislation at record breaking speed. The only thing the legislator wants is to make sure nobody gets hurt, nobody gets scammed and that there is no systemic risk to our society. It is only a matter of time before they fully grasp the benefits of blockchain and then even the most fervent tech/crypto fanboy will be left in the dust of adoption.

3/ As we see it nowadays, the Internet seems to be heavily controlled by the GAFA (i.e. Google, Apple, Facebook and Amazon). Similarly, although on a less dramatical scale, blockchain seems to follow the same path with big companies like IBM or Consensys (and more recently, Amazon) investing sometimes huge amounts of money in the development of the technology. Do you fear we could reach the same sort of ‘sneaky growing monopoly’ for blockchain in the future? If yes, how could governments prevent this situation and reverse the growing trend?

Blockchain is a technology. And unfortunately, the best technology does not always win. If anything history has taught us is that adoption is key, and in most cases adoption has been driven by the adult industry. VHS vs Betamax is just one example for those of you already born in the 80’s. We do not know yet what is the killer application of blockchain. What I love about the technology, is that everyone is on a level playing field to find this killer app. One of my regrets in life is being just a few years too young to fully get on the internet wave of change, but not this time. And if I see projects like Spankchain, I’m extremely bullish on the promise, and I fully believe in the tech. It’s like the perfect storm… (maybe they will quote me in the movie the decentralised version of Netflix will make in 2022)

4/ After an extremely violent speech from Bruno Lemaire about cryptocurrencies in December 2017, Emmanuel Macron announced in March that he wanted Paris to become the European capital of ICO’s, reacting to the path Berlin and Zug (Swiss crypto Valley) followed. In our politically more complex Belgian organisation, things are evolving at a slower pace, even though some initiatives - sometimes from the government itself - start to emerge. What should the government do in order to catch up Paris and stimulate the current ecosystem? Which distinctive feature(s) of our Belgian culture should or could we take advantage of to boost the crypto and blockchain ecosystem in Belgium?

As a Dutchman by origin, I love the “can do, down to earth” attitude of my Belgian wife and family, I believe the Belgians will find something that brings benefit to the country (or region if they are so inclined) and run with it. Any government is a reflection of its constituency, and where the Belgians are looking outward into Europe and the world, they have the capabilities to outgrow any nationalistic tendencies that are not relevant any more in this global economy.

5/ If the technical aspects weren't an issue and you could program your own blockchain protocol, which features of private and public blockchains would you keep and/or ditch in your personal ledger? And how would you name it?

Ok, if you want a discussion on the premise of public vs private, you will get one. But i wont spoil my presentation next week with spoilers. Guess you just have to be there.

6/ One of the major criticisms addressed to public blockchains is the PoW mining part. Not only because it can consume some incredible amount of energy but also because it creates some high dependency on mining farms and miners in general. Do you think there will come a time when public blockchains won’t require any mining for PoW anymore?

This question does not make sense on several levels. Level one, Bitcoin and Ethereum. You know those protocols are censorship resistant, and they do not care about what you think. They will burn energy as long as people feel that it has value. A lot of research is being done on other consensus mechanisms, proof of stake, delegated proof of stake, practical byzantine fault tolerance, and more. A lot of promise there, let’s see where it takes us…

7/ Throw back to the beginning of your blockchain adventure, what are the biggest highlights/major changes you have witnessed that have been real game changers in the global blockchain landscape?

The biggest challenge of the technology is the hype. The average news article you read is just hot air. What exasperates this situation is that crypto traders and crypto prices are totally unrelated to the tech powering. At the same time, there are many projects that actually make this planet a better place. That is a big gap, but one in this business sees daily.

As a closing, if you are passionate about the tech (and not the price) of crypto, we have got a pace for you at SettleMint. We have assembled the greatest blockchain minds in Belgium and the Middle East to push our society and the technology further, and at the same time can use the help in disrupting the status quo. Join us now, send an email to joinus@settlemint,com!