[Interview] Justin Banon CEO of Boson Protocol: Connect Smart Contracts to Real World Commerce and its Data
[Interview] Justin Banon CEO of Boson Protocol: Connect Smart Contracts to Real World Commerce and its Data
  • Monica Younsoo Chung
  • 승인 2020.11.12 23:20
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Justin Bannon, CEO and Co-founder of Boson Protocol
Justin Banon, CEO and Co-founder of Boson Protocol

 

The following is an excerpt from the KOREA IT TIMES’ interview with Justin Banon, CEO and Co-founder of Boson Protocol, a decentralized infrastructure connecting smart contracts to real-world commerce and its data. 

Boson Protocol aims to change the world of commerce by enabling enterprises, organizations, and customers to bridge the divide between digital decentralized technologies and the transfer and trade of physical goods. Creating the de facto infrastructure to achieve this with minimized arbitration, cost, and trust, Boson Protocol is taking eCommerce to the next level with use cases including; loyalty and rewards, crypto exchanges, games, and tokenized networks amongst others. 

Banon spearheaded the Travel Experiences Division of Collinson, where he managed a group of global loyalty rewards platforms including LoungeKey, Mastercard Airport Experiences, and Priority Pass — the latter of which he scaled twenty-fold from $50m to $1bn per annum revenue during his tenure. 

A serial entrepreneur, Banon served as CEO, and Redeemeum, a crypto native rewards platform where he currently holds the position of CEO. He also serves as a Start-up Mentor at Outlier Ventures, a leading investment firm in blockchain, artificial intelligence, IoT, and robotics.

A Physics graduate from Imperial College London, Banon also holds a Masters in E-business and Innovation from Birkbeck College, University of London, and Masters in Digital Currency from the University of Nicosia.

 

Can you tell us what Boson Protocol is? 

Boson Protocol connects smart contracts to the real world and its data. The protocol is designed to bridge the divide between digital decentralized technologies and the transfer and trade of physical goods. We have made this possible by utilising a novel approach that allows for digital value, physical things, and their data to be exchanged autonomously. By eliminating intermediaries and minimizing arbitration, Boson Protocol stands to vastly reduce costs and become the de facto infrastructure allowing real-world commerce and its data to interface with blockchains. 

How does Boson Protocol work?

For context, while the development of decentralized currencies has greatly streamlined the transfer and trade of digital assets, there still exists a certain disconnect between these technologies and the transfer of physical goods. This is primarily due to an issue known as “the Oracle Problem”, which means that smart contracts have to trust data that has been supplied to them from outside the blockchain. Oracles exist for digital data - such as financial markets pricing - but no one has yet come up with a solution for real-world items. Boson Protocol overcomes this problem by representing the promise between buyer and seller to exchange digital value for physical goods in the form of an Ethereum-based non-fungible token voucher (NFTV), which is a kind of futures contract for the thing that is being sold. Boson NFTVs escrow the buyer’s payment and two-sided deposits upon both parties’ commitment to transact. This ensures that the trade proceeds as intended due to the fact that both parties have something to lose if they do not follow through with the trade. 

Can you tell us about what Boson Protocol plans for the future? 

Our ambition is to serve as one of the foundational building blocks that underpin the next generation of dCommerce applications. dCommerce is crucial because it enables a future where today’s centralized coordinators are replaced by a peer-to-peer ecosystem that allow for a more equitable distribution of value - and we see ourselves very much as the backbone of this emerging system. Boson Protocol aims to provide a wide range of use cases, including enabling users to purchase items as diverse as cars and groceries, allowing crypto exchanges and crypto credit card providers to grant real-world rewards in a crypto-native way and even powering machine-to-machine transactions. 

What are the latest other news and announcements?

Last week we announced that we successfully closed our SAFE (Simple Agreement For Equity) funding round, raising $350,000.The round was oversubscribed and saw participation from eight partners at Outlier Ventures, in addition to technology industry veterans including Trent McConaghy, Founder of Ocean Protocol, and Po Tang ex-CFO of Priority Pass Asia. This marked a milestone moment for our company and we are absolutely thrilled to have the confidence and support of this immensely talented, knowledgeable, and experienced group of people. Aside from this, we recently partnered with Orion Protocol, allowing Orion terminal traders to cross-trade tokens for NFTs to buy, lend, borrow, or rent real-world assets directly connected to the entire crypto market. We are very excited to be working with Orion Protocol and look forward to creating a bright dCommerce future for the crypto economy. We have a number of additional exciting announcements coming down the line, so feel free to follow us on our social media channels (Twitter and LinkedIn) to keep up to date. 


 


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