FACE TO FACE: Mr.Gary Spence
Mr. Gary Spence (CEO,Yotta Laboratories) is an Inventor, Chief Architect of Distributed Ledger Technology (DLT) and a Digital Technology Specialist. Gary’s ambition is to bring business technology to the next level through creating a time- and cost-saving technology. Innovations in Distributed Ledger Technology have huge potential for the near future. With the emerging and apparent new Internet of Things (IOT), coupled with smart contracts, DLT will serve as a huge cost savings mechanism for all businesses from small SME’s to large multi-nationals.
Gary has a wide range of experience and unique skillsets in the areas of Blockchain protocol details, transactions, mining and consensus. He is also equipped with smart contract developmental experience with extensive pioneering research in a number of emerging areas including IOT, cloud security, malware propagation, intrusion detection, cloud resilience and survivability, software defined systems, social network analysis,Cloud-IOT converged areas, cloud-driven semantic web, cloud based testing and virtual environment malware, bioinspired solutions for cloud computing, fog and edge computing, cloudlet, and mobile cloud computing, among others. He is also well versed in Financial Technology Specialities, Technology Driven Trends, Strategic Innovation, Strategic Advice and Planning, Business Keynote Presentations and Speaker. In the recent LATTICE80 Blockchain 100 List, Gary took on the 37th spot among the leaders in the global blockchain community who make their impacts as start-ups, corporate, governments or investors in the space.
1)Congratulations on being ranked 37th, among the top 100 World Block chain expert. Could you tell us, what is the application of Block chain technology and how does it contribute to sustainability?
Firstly thank you, the news came as a surprise and it’s been six years of research and dedication that is now starting to be recognised. In fact, at Yotta we work as a team and it should be the whole team who is recognised. So, from me, thank you to everyone at Yotta Laboratories for their hard work.
Blockchain technology along with other new and emerging technologies of which we call hybrid based systems will change the way we work in the future and with real time data we will not only reduce waste but also make industries more productive.
Firstly thank you, the news came as a surprise and it’s been six years of research and dedication that is now starting to be recognised. In fact, at Yotta we work as a team and it should be the whole team who is recognised. So, from me, thank you to everyone at Yotta Laboratories for their hard work.
Blockchain technology along with other new and emerging technologies of which we call hybrid based systems will change the way we work in the future and with real time data we will not only reduce waste but also make industries more productive.
So a question I get asked a lot is what is Blockchain technology and what are the use cases?
A blockchain is simply a distributed ledger (database) with no delete option. A system that enables people with no formal connections to use and benefit from it. The technology works by storing a time stamped entry and the next entry will form a new block into a chain of records, hence the name blockchain. So why is this so revolutionary? A blockchain can be used for transactions and proof of purpose in a real time basis.
The very first research we did was for the supply chain of coffee and the traceability from the plantation to the jar by scanning a code. The blockchain listed when and where the coffee bean was grown and even the geographical location, the day it was collected and shipped, the processing procedure and all the way to the supermarket shelf. Now link this to smart contracts and at every stage of the process automatic payments can be made of which reduces payment time from 90+ days to just hours.
We then thought; if we can do this for coffee what else can we do it for. That was how we embarked on a whole new project and fast forward to over 150 studies six years later, we now have an extensive portfolio.
So how does this fit into sustainability? By having access to real-time data we can in theory reduce not only food wastage but also food availability into the right locations or even reverse engineer the process so we don’t over produce or over grow products of which end up in landfill. We can also adopt the systems for renewable energy, and any supply chain globally. The other advantage is that the transaction fees are greatly reduced as the technology enables businesses to cut out the need for middlemen.
As you can imagine with our extensive research we could go on listing the benefits but the true potential when the technology adopted and the end user does not realise they are actually using a blockchain.
A blockchain is simply a distributed ledger (database) with no delete option. A system that enables people with no formal connections to use and benefit from it. The technology works by storing a time stamped entry and the next entry will form a new block into a chain of records, hence the name blockchain. So why is this so revolutionary? A blockchain can be used for transactions and proof of purpose in a real time basis.
The very first research we did was for the supply chain of coffee and the traceability from the plantation to the jar by scanning a code. The blockchain listed when and where the coffee bean was grown and even the geographical location, the day it was collected and shipped, the processing procedure and all the way to the supermarket shelf. Now link this to smart contracts and at every stage of the process automatic payments can be made of which reduces payment time from 90+ days to just hours.
We then thought; if we can do this for coffee what else can we do it for. That was how we embarked on a whole new project and fast forward to over 150 studies six years later, we now have an extensive portfolio.
So how does this fit into sustainability? By having access to real-time data we can in theory reduce not only food wastage but also food availability into the right locations or even reverse engineer the process so we don’t over produce or over grow products of which end up in landfill. We can also adopt the systems for renewable energy, and any supply chain globally. The other advantage is that the transaction fees are greatly reduced as the technology enables businesses to cut out the need for middlemen.
As you can imagine with our extensive research we could go on listing the benefits but the true potential when the technology adopted and the end user does not realise they are actually using a blockchain.
2)Kindly elaborate what are Yotta’s future proofing technologies and what inspired you to develop these?
We have designed a new cloud platform for data storage that goes beyond revolutionary as it’s also a lot more energy efficent, which we have called the Yotta Cube – a fully scalable network of cloud storage devices that have the ability to be 5g enabled smart nodes. The team of data scientist at Yotta led by Prof Elhadj Benkhelifa are always designing new and innovative systems of which will ensure our future.
Personally I have always been the type of person who is interested in the ‘what if’ way of thinking rather than improving something that already exists. That’s why as part of Yotta’s future proofing technologies, we focus on developing new technologies in AI, virtual and augmented reality, semantic annotation and also machine learning and deep learning systems of which will be at the forefront of our lives in the next couple of years.
We have designed a new cloud platform for data storage that goes beyond revolutionary as it’s also a lot more energy efficent, which we have called the Yotta Cube – a fully scalable network of cloud storage devices that have the ability to be 5g enabled smart nodes. The team of data scientist at Yotta led by Prof Elhadj Benkhelifa are always designing new and innovative systems of which will ensure our future.
Personally I have always been the type of person who is interested in the ‘what if’ way of thinking rather than improving something that already exists. That’s why as part of Yotta’s future proofing technologies, we focus on developing new technologies in AI, virtual and augmented reality, semantic annotation and also machine learning and deep learning systems of which will be at the forefront of our lives in the next couple of years.
3)As cities are adopting a range of high-tech solutions to position themselves as ‘smart’ and sustainable, in what way would Yotta’s Technology fit in the equation?We are pleased to be getting involved in many smart homes, offices, cities, and nation projects that centred around connectivity and forward thinking. We have researched things from smart recycle bins through to fully connected transport networks to reduce congestion. At this moment in time there’s no single definition of what a smart city or nation is but we are certainly at the cutting edge of developing such systems for the future.
In the next few years we will see a rapid adoption of smart enabled devices and systems, and Yotta will be at the forefront of bringing these to market.4)Yotta is expanding its presence to Singapore to serve the ASEAN region. Do you have specific goals in mind for this expansion plan? Yes we have. As you would imagine, we have conducted extensive research into where we need to be, not just as a company but also location wise and Singapore for us is the right place. It is a forward thinking country and also the gateway for ASEAN regions. In addition to our research, I personally am fond of Singapore given its cultural diversity and adaptability to new and emerging technology. Further afield our visions are to expand in the next few years while making Singapore our global HQ.
5)Could you tell us briefly about Yotta’s game changing technology which you believe will make Yotta a unicorn in next five year?
I would love nothing more to tell you about what we are currently working on at Yotta but I just can’t at the moment. However, we are very excited in the responses we have had from major corporate companies, governments and leaders of smart nation projects.
Do we believe we will be a unicorn? YES
We have only scratched the surface of our capabilities. With over $80 million IP portfolio and ever growing, our aim is not to be a unicorn but more a household name – and one comes with the other. I’m sure the founders of Grab, AirBnB, Uber etc didn’t set out to build a unicorn but they started out to build a solution to a problem.
Our motto is Tomorrow’s Technology Today and we live by that in everything we do.
Do we believe we will be a unicorn? YES
We have only scratched the surface of our capabilities. With over $80 million IP portfolio and ever growing, our aim is not to be a unicorn but more a household name – and one comes with the other. I’m sure the founders of Grab, AirBnB, Uber etc didn’t set out to build a unicorn but they started out to build a solution to a problem.
Our motto is Tomorrow’s Technology Today and we live by that in everything we do.
