With Technology bridging the gap in this generation, the future of the Finance industry is Blockchain Technology. Blockchain is a fast-growing and secure digital technology. helping millions across the globe have an easy and safe way to access financial inclusion.
Team Cofounder.ae had a little chat with Arushi , to know more about the company , what exactly AtCash is and how Blockchain Technology in the UAE has evolved.
Read on to know everything about AtCash Inc.
What is AtCash Inc.?Briefly tell us about it.
Our revolutionary trust exchange consists of various modules which are commercialized for Financial Institutions and Governments. These include modules for identity and record sharing, video service and verification and contract automation.
We leverage Distributed Ledger, Technology , Robotic Process Automation and Predictive Analytics and have been designing and building technology solutions since 2017.
How does a private information sharing network work?
Blockchain-based private information-sharing networks are cheaper cost alternatives to host-to-host connections. Not only are they cheaper, but also more secure.
They provide more secure identity validation and a higher level of error checking. You can create peer-to-peer networks for various value chains including Finance, Health-care, Supply chain, government and more. These can be private, secure and access controlled.
How’s the startup ecosystem like in UAE?
The UAE government has recognized the importance to build and support the startup ecosystem.
There are startup institutions such as HUB71, In5, DTEC and SHERAA that support startups with subsidized rates in the workspace, enrolment in incubation programs, access to events and investors and overall recognize the operational challenges that startups may face and are working towards building a more solid support system for startups.
We hope for greater support especially in access to projects and funding.
Tell us something about your team. And how important is it to have a good team in a company?
I have been very fortunate to have been able to build a team of talented people who have relevant experience and expertise in their respective fields .
Being a startup, the most important aspect for a team is to work in synergy, transparency, honesty, trust, commitment and strong collaboration. Our team is small and diverse and consists of different nationalities. We value different ways of thinking and innovation.
At AtCash, we follow and uphold quality , dedication to the customer and out-of-the-box thinking, We live by these core values as a team and take them to each of our customers.
Any suggestions to wannabe entrepreneurs?
The going will get tough however do not give up! Persistence is key to success. It’s important that you have a clear vision for your business and be able to clearly articulate your vision and the value that your business offers to your potential audience.
Your products are based on blockchain Technology. What exactly is it, could you share some insight?
What we build at AtCash are trust platforms. Platforms that enable businesses, governments and individuals share data securely based on roles and permissions.
We leverage blockchain technologies to facilitate the sharing of such data. For instance, We built a platform for creating private blockchain networks quickly and cheaply.
It is called Trust and Identity Management Engine (T.I.M.E) and has been adapted for several use-cases, For example: T.I.M.E for eKYC (Know Your Customer) enables individuals, banks and identity issuing authorities to share, store and update KYC data.
Blockchain smart contracts govern who can create, view- , update or delete data on the platform.
Fintech space is usually male dominated, how did you have the idea of going into this industry and what difficulties did you face?
I have a background in technology and financial services. The decision to go into fintech was easy based on my expertise and background. There may be some biases that a few people have based on gender.
However, I don’t let that bog me down. I have confidence in my abilities and strongly believe that a strong value proposition will be the winning factor and that is what I have strived to achieve with AtCash.
As startups we all face similar challenges regardless of gender and we embrace them head-on.
Cofounder.ae always encourages women empowerment, could you share some of your experiences and guidelines to our female audience?
There is no denying that women continually push themselves to be the best at everything they do. They often feel like they have to choose between their professional aspirations and balancing family life. Indeed, the lion’s share of familial responsibility often comes to women.
Sometimes that comes from family and sometimes from seeking paid help. Like many other women, I have had to balance a young family and a demanding career. The answer has always been in seeking and asking for help.
AtCash basically focuses on providing financial solutions , how do you manage your security concerns?
Because we leverage blockchain technology for our solutions, many security concerns are easily handled. The immutability of data on the platform ensures that there will always be a log of how a transaction has evolved over time, including any manipulation of data.
Data is shared on a need to know basis and not broadcast. User access is based on public and private key so we know the identities of the participants. All transactions are signed by the originator so the recipient can easily reject transactions from fraudulent sources. Data is distributed so data loss risk is mitigated.
Can you explain what is the main problem in banking system these days?
While banking has automated significantly, there is still room to automate paper processes. For example, the automation of contracts is still a significant issue.
There are many processes that are being done manually. These costs banks both cost, money and time. Our solutions can help automate many of these processes.
You had some really great expertise in this space, did it help you in building AtCash, tell us about you before AtCash happened.
My professional career has spanned almost two decades, mostly in the United States. I have worked for giants like Deloitte and Touche, Diageo, Visa, Mastercard.
I have engaged with and executed projects for dozens of multinational clients. And I have a Masters in Information Systems and a graduate certificate in Information Age Marketing.
My expertise is in digitization and building world-class platforms. I have always been passionate about entrepreneurship and was looking for the next big idea to take the plunge from corporate to entrepreneurship.
You’ve rendered your services not only to private businesses , but for government too. How different were they to perform?
Governments are instrumental in spear heading change. In fact, true change will come from reform in government. Unfortunately, in our experience, most governments are slow to move.
While they have the best intentions, they are bogged down by process and consensus. Private businesses generally tend to move faster and embrace change quicker.
Where do you see yourself, 10 years from now?
Innovation and making a positive impact is what drives me. If the work that we do has a positive impact on even a handful of people, we will consider ourselves successful.
That being said, our hope is that 10 years from now you will hear the name AtCash together with some of the big players in the tech space.