Banking Giant State Street Loses Blockchain Technology Head For DLT Privacy Venture
State Street’s Blockchain Technology Head Dumps Firm For Greener Pastures
Moiz Kohari, the global chief technology architect of State Street Corporation, American financial services, and holding company, has resigned from the firm to pursue a new ambition in the data privacy ecosystem, according to reports on May 23, 2019.
Kohari Moves On
Reportedly, the highly experienced tech professional helped State Bank launch many of its distributed ledger technology (DLT) solutions since joining the firm in September 2019
It’s worth noting that Kohari had also functioned as head of technology innovation for London Stock Exchange Group before pitching his tent with State Bank.
At current, Kohari and the co-founders of the new venture are yet to reveal enough details concerning their new business, however, the former has hinted that the firm will primarily focus on the data privacy space and how firms interact with users in the system.
Specifically, Kohari says his new startup is looking to offer software-as-a-service to enable enterprises to operate in compliance with privacy regulations, while also giving absolute control to users over their personal data.
“We are examining how best to create a software-as-a-service (SaaS) platform that enables companies to entirely provide compliance to data privacy regulations and at the same time, gives control of that data directly to the users. It will use both blockchain technology and traditional types of data stores including Amazon Web Services’ S3. We firmly believe that this is an underserved area and a great opportunity.”
Data As An Essential Asset
Interestingly, Kohari has made it clear that his years of experience working on a DLT infrastructure for State Street’s custodial business comes into play in the new venture, with the only difference being that the privacy project intends to treat data as the asset itself.
He explained that this new concept of his startup is not employed in the ad tech industry, but it will definitely revolutionize the old ways of handling people's personal information.
“Normally we don’t think of data as an asset class. It’s about how do you represent users’ sensitive information in such a way that allows consumers to take direct control of that data, instead of firms allowing it to happen through archaic interactions in emails and written communications,” he added.
A Team Of Experts
Notably, many of Kohari’s team members have functioned as maintainers of Hyperledger Fabric for quite some time now and have reportedly adopted the open source blockchain solution with his team at State Street, a strong indication that Kohari did an excellent job.
“That journey continues in full force and I’m glad to see where that will lead to and huge implications of how that changes the custody world so people can create reconciliation-less systems,” he concluded.
With people across the globe becoming increasingly concerned about how enterprises manage and share their personal identification information (PII), it remains to be seen what Kohari and his team have to offer.