Built on the blockchainShutterstock
Blockchain and Smart homes might be the next big thing. With the real estate industry continually on the move, the mix with the Internet Of Things appears to be a logical step forward. We spoke to Imad Labbadi, Founder and CEO of VeCap GMBH, a new blockchain startup that specializes in the delivery of smart homes.
You consider yourself to be a blockchain consultant? What is your opinion of the space at the moment?
“In the next few years, Blockchain technology will change the world as we know it now. The number of blockchain investments and activities is increasing sharply. This is most clearly reflected in the various proofs-of-concept of Blockchain companies. However, it will take some time before some of these projects are ready to be officially launched on the market. However, already today the advantages of the blockchain-technology for companies as well as governments cannot be denied”.
Labbadi studied Blockchain Technology at an early age to understand its advantages and disadvantages as well as its applications. Projects such as EOS and IOTA, which showed real visions of the future, were inspiring and interesting to him.
“It was important to me to understand the blockchain technology in a way that it can be applied to current problems in a solution-oriented way on this basis and the current infrastructure I developed the idea for our project Vecap”.
The cryptocurrency market has once again taken a nosedive in the past weeks. Asked if he thought that there would be a recovery at some point or would there be a continued decline, Labbadi replied that it was common for every industry to have its ups and downs. He continued by saying that the market must first free itself of all the garbage and that projects were needed that could realistically connect to the real market and offer a foreseeable added value. This would allow a person who was not familiar with blockchain technology to be involved.
He also stated that whether the market rose or not was likely to depend on the SEC’s decision on current ETF applications and that the ETF boss at Bitwise was confident that 2019 would be the year that a Bitcoin ETF would be launched. Labbadi added that still, others provided evidence for an imminent crypto boom from bitcoin. He also stated that we could also be curious to see how the market developed in the coming months and that he was looking forward to this in a positive way. He concluded by stating that many companies were currently working on establishing a realistic business as they do and that he was therefore optimistic about the Kryptomark.
Imad Labbadi, CEO VeCapVeCap
What is VECAP offering to the market that kind of smart homes are you developing? And how do you tackle security in your product?
“Vecap offers a very simple solution to a project that ensures the security of a smart home network thanks to innovative blockchain technologies and smart contracts. Every action carried out on the Vecap platform will be recorded in an immutable and virtually invulnerable database – in order to crack it, the hacker would need to get administrator access to 51% of individual devices, which becomes absolutely impossible as the project spreads around the world”.
Labbadi added that Vecap combines all smart homes into a single decentralized network and protects their data from intruders. The platform uses an innovative security standard that is independent from the built-in security features. Thus, thanks to Vecap, hackers will no longer be able to penetrate the smart home data network and violate their privacy as they will no longer depend on a group of disparate storage devices on a company’s vulnerable server. At the same time, Vecap will be able to make your data network not only safer, but also much faster and more efficient.
Do you believe that mass adoption is only round the corner?
“I am sure that this is the case as our market analyses in the IoT & Smart home segment show that the number of IoT devices will increase sharply in the next 3 years – today you can already control conventional devices such as refrigerators and smart washing machines. It won’t be long before every device you want to buy is smart and connected to your internet – at the latest there you offer an enormous attack surface that can harm your privacy and that regardless of whether you buy smart home devices or not. With our Vecap Central Module you are able to protect all these devices”.
When asked what his personal opinion on the IOT was and how blockchain and the IOT would merge, Labbadi replied that the IOT itself was fascinating and exciting, offering both enormous potential and challenges which would be overcome. He said that one of the greatest challenges of the IoT was a Security ecosystem that encompassed all fields of IoT architecture. He went on to state that addressing the security issue in the IoT was of paramount importance for future development. This was exactly where the connection of Blockchain came into a decentral approach for IoT networking which would close the major security gaps, introducing a standardized peer to peer communication model which would process millions of transactions between devices.
He stated that the advantage of reducing the cost of installing and maintaining large centralized data centres prevented a failure of a single node in a network from causing the entire network to fail and that Blockchain technology had become an essential part of innovation for many. He concluded by saying that it offered the opportunity to develop new business models and, in addition, recorded transactions or any digital interaction securely, transparently, fail-safe, auditable and efficiently. According to him, the blockchain technology was the missing link which would solve data protection and reliability problems as well as security gaps in the IoT
Do you think your product is a step forward the smart homes industry can do? Apps, exchanges, payment platforms are being developed and sponsored with initial coins offering so why go for smart homes?
“I certainly think so, we ourselves have to constantly improve our product and adapt it to the development of the IoT and Blockchain market. Our product will be the first of its kind to implement the IoT and Blockchain link, in a segment that already has many security problems and we want to be the ones to solve them. As soon as we have achieved that and we will, it will significantly advance the smart home market and also the IoT market. This is also the reason why we chose Smart home as our project. We wanted to achieve something that is different from others in the real market and can be realized in the foreseeable future and solve an already existing problem. This way we not only create an interesting project for our community but also a real one. This is also the reason why we have specialized in smart home and smart offices and that time will come when it will be necessary to specialize to achieve progress”.