are some insights on the transformative nature of blockchain technology from
Gem CEO and founder, Micah Winkelspecht:
Supply Chain’s Salvation
“Data integrity will be one of the most
pressing concerns for business over the next decade,” said Winkelspecht. “Because
blockchains allow data to be shared securely with full integrity across every
said that Gem’s focus on blockchain enterprise solutions was a natural
outgrowth of its initial business model as a Bitcoin Application Program
Interface (API) developer. The blockchain was invented by now-infamous (and
still pseudonymous) Satoshi Nakamoto in 2008 as the transaction network for the
digital currency bitcoin. As such, it provided a decentralized means of
authorizing and recording Bitcoin payments with a level of security never
before equaled on the internet or anywhere else.
read Satoshi’s white paper [proposing Bitcoin] I tried to poke holes in it from
a technical perspective, but I couldn’t find any,” Winkelspecht said. He recruited
his Gem team using a set of criteria that included passion and excellence, but
not necessarily previous experience with Bitcoin and blockchains.
after spectacular people across a variety of industries, knowing that the Bitcoin
part of it can be taught,” he said. “Now we’re like a family.”
together a cross-industry group has also supported Gem’s ability to relate to
the needs of a wide variety of clients. The Gem team soon realized that
blockchain technology had applications well beyond the scope of Bitcoin or even
the financial industry.
realized blockchain technology was not a financial technology, but a data management
tool,” Winkelspecht said. “It allows us to build extremely robust data
infrastructures — high level automation that simplifies, decreases costs and
startup is now being approached by some of the biggest multinational companies
to find solutions to pressing data sharing problems, from bank-grade security
to smart contracts and the securing of asset and transaction integrity. The
company takes a holistic approach to creating solutions, working side-by-side
with customers from prototype to production.
use case can be found in Gem’s partnership with TRI, the Toyota Insurance
Management Solutions, Japanese insurance company Aioi Nissay Dowa Insurance
Services, and Gem. The project’s goal is to build and test a usage-based
insurance platform where users can securely share driving and autonomous
vehicle testing data, and store usage information that can be leveraged to
determine insurance rates.
allow you to replace that third party with powerful business logic that runs on
data you can trust,” said Winkelspecht. “It has all the benefits of a central
data repository with none of the drawbacks.”
Gem’s Joseph Bradley and Matt Smith
will appear live as a featured speakers at the Distributed: Trade blockchain
conference at Washington University in St. Louis on July 24, 2017. For information
and registration go to trade.distributed.com.