Gleb Davidyuk, founder of iTech Capital, which is one of three firms behind BitFury’s latest $20 funding round, expressed his eagerness to capitalize on blockchain technology by jokingly telling investors to leave the opportunities to him.
“There are not that many things left in the Internet environment which you can call truly disruptive,” Davidyuk said. “Please don’t invest in the blockchain, because if you don’t I will have more opportunities to do so,” he added.
Blockchain Technology Future
Blockchain is the public ledger of bitcoin transactions which is updated by a network of computers solving complex algorithms. While it has taken the backseat during bitcoin’s heyday in the past few years, more and more companies and investors are recognizing its potentially disruptive features.
In particular, some governments such as that of Honduras has adopted blockchain technology in creating a secure land registry. Financial institutions in Australia are working with Ripple Labs to see how they can apply similar technology in their internal operations. Meanwhile, artists have also looked into the use of blockchain technology in securing intellectual property rights and facilitating profit-sharing in the industry.
iTech has its roots in Russia but has started investing in bitcoin companies across the globe. The venture capitalist’s strategy actually shares similarities to the bitcoin network, which is to reduce single points of failure and spread trust among different parties and locations around the world.
“The Internet as a sector has the lowest barriers to entry. We started a few years ago in Russia now we are completely global even given the fact that the geopolitical situation is difficult for us to explore opportunities,” said Davidyuk.
“The more we known about the blockchain, the more interesting it becomes. Everything which we have to pay for the banks or different third party providers in the financial world now becomes available for free,” he added.