Forbes Turkey published an article in its July 2018 edition featuring Bulent Tekmen, Colendi’s CEO and Co-founder, alongside other leaders in blockchain to discuss its implications both for Turkey and the region. The publication notes there is a lot of promise for the future of blockchain and what can be accomplished through this technology.
Following are some excerpts from the article. If you’d like to read the full story, the publication is on newsstands now.
FORBES: Bulent Tekmen is working on a new enterprise, Colendi, which is his groundbreaking project being built on the blockchain. Based on your experience, could you please share your thoughts on blockchain projects and their regulations?
BULENT TEKMEN: In my previous venture, ininal, I have seen how regulations can become an obstacle to innovation. Blockchain technologies are still in the grey area, but in the world (particularly in the USA), certain standards are already established. For that reason, our company was founded in Zug, Switzerland.
Blockchain is still in its early phase. Perhaps we will witness 95 percent of the present-day tokens going to the trash, but we are seeing new formation and development in all elements of the market including auditing, entrepreneurship and funding among others. The interest in new tokens is mostly generated from the fear of missing out or “FOMO.” When this wave stabilizes, we are going to see that projects with solid foundations will survive and grow. The “Wild West” situation of today will calm with these regulations.
Lately, many good projects have emerged from Argentina because there were lots of difficulties there and people were pushed to produce creative ideas to overcome their problems. We also have this type of opportunity. We are approaching the mathematical limits of international money transfers. This congestion will be resolved by new technologies. When these new projects, the smart contracts, were being formed for the first time, angel investors and venture capitalists came together. I believe we are now entering a new era where the token economy will bring together all investors.
FORBES: What are your thoughts on open-source development?
TEKMEN: We believe in open-source development as our team is totally distributed. Our offices are in Istanbul, but we also have employees in other cities like San Francisco and London. We have created a structure where anybody anywhere can contribute.
FORBES: How will regulations and the banking sector affect the blockchain?
TEKMEN: Important responsibilities fall to the banking sector, a highly-regulated industry. We should be able to do more things with our bank accounts, not less, because of innovation. If we adopt this mentality, I believe we can easily produce 100 great ideas in the next 10 years.
FORBES: “What kind of impact can Turkish startups have in blockchain?”
TEKMEN: Turkey can lead the Muslim countries. Even if we only pioneered blockchain applications for Islamic banking, we’d still be making huge strides.
In this article, reporter Adil Ucar brought together the best regional professionals in various respected areas to talk about blockchain and its implications. In addition to speaking with Tekman, Mr. Ucar spoke Bogazici University academic Prof. Dr. Can Ozturan, GE Innovation Leader Ussal Sahbaz, Akbank Direkt VP, Developer Experience and Evangelism Lead at Microsoft region Cavit Yantac, Chair of Technology Investment Fund Board at Vera Ventures Yalim Eristiren, Executive Board Member / Retail in Logo Software Arslan Arslan.
Colendi is working very hard to bring financial inclusion to populations that don’t have access to current systems. We are utilizing blockchain technology to give users vital access to the formal financial system.
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