On May 4, DigiCrypts Blockchain Solutions Inc. (CNSX:DIGI) (OTCMKTS:DBKSF)—operating as DigiMax Global Solutions—made a strategic investment that has the potential of becoming a transformative transaction. The company announced it had made a US$5 million investment in Kirobo, a leading cryptocurrency custody of blockchain solutions developer. Digimax Global CEO Chris Carl rejoins the interview chair to give us his perspective on the significance of the deal.
As many who’ve conducted bitcoin transactions already know, the process is unsettling due to the finality of such transfers. Once bitcoin (or most popular cryptocurrencies, for that matter) is purposely sent from one encrypted wallet to another, the transaction cannot be reversed unless the recipient of funds elects to return to sender. If you don’t know whom the address belongs to, there is no remedy whatsoever. This is true even for the largest crypto banks such as Coinbase, which is not able to recover any funds sent or received to an incorrect address.
In contrast, mainstream payment providers such as PayPal or most credit card providers have resolution protocols which can effectively rescind erroneous transactions. They can also stop payment and reverse transactions in cases where payors can prove erroneous transactions were enacted.
Enter Kirobo.io, which has some of the most advanced commercial-ready custody of blockchain solutions available. As DigiMax Global Solutions CEO Chris Carl explains, Kirobo has been developing this solution for three years, and it applies to almost every type of blockchain-based financial transaction:
We’ve searched the world, our partners have searched the world. We’re not aware of anyone with anything close to this kind of technology. And most of what they’ve put together is proprietary—either it’s patent pending, highly secretive, and it’s not going to be easy to repeat. The engineers involved in this thing have been around for a decade in this industry; Kirobo has been around for three years. This is not something they just sort of thought about and they’re starting to put in place. This has been well, well thought out. As far as its applicability, you know, it really applies to just about every single transaction—financial transaction—that happens in blockchain…Chris Carl, CEO of DigiMax Global Solution
As Chris Carl notes, the lack of callback options for misappropriated blockchain transactions is something that is keeping mainstream platforms for getting into the space. Thus, Kirobo has a real chance of making it’s mark, given its prominent position in this emerging domain. Some people refer to this as a “first mover advantage”.
Click on the embedded link for more of our newest interview with DigiMax Global Solutions CEO Chris Carl, in his own words.