InnoKOL | Gary Spence: Digital currencies are coming but what will be the key is digital tokenization to fiat currencies

2020/06/19 Innoverview Read

On June 18th (UTC+8), we had a fascinating conversation with Mr.Gary Spence,who is the CEO & Founder at Yotta Laboratories on June 18th 8pm(UTC+8) in the InnoKOL group. As the guest of InnoKOL Season2 Esposide9, he shared his professional background of  Distributed Ledger Technology (DLT)  innovation and deep insights on the application of emerging technologies .

Jokia: How would you describe yourself in three words? What’s your motto?


Innovator, developer, businessman

Tomorrow’s technology today

Jokia: Can you please share more about your educational and professional background? And we’d love to hear what brought you to DLT.


Back in 2014 I was frustrated with the technology and thought there must be more that can be done, it was then I enlisted my friend Professor Elhadj and we then started to research new emerging technology and DLT was one that we thought had great potential so we decided to set up a company and have been researching and developing ever since.

Jokia: Blockchain and Distributed Ledger Technology (DLT) have been one of the most common buzzwords thrown about in events and seed-raises to bolster investments. What’s the difference between Blockchain and Distributed Ledger Technology (DLT)?


Distributed ledger technology is a database that exists across several locations and or multiple participants, blockchain is just one type of distributed ledger. Although blockchain is a sequence of blocks, distributed ledgers do not require such a chain. Distributed ledgers do not require proof of work and therefore the potential to scale is greater. 

Jokia: As an Inventor, Chief Architect of Distributed Ledger Technology (DLT) and a Digital Technology Specialist, how would you predict the future of DLT & IoT enabling new ways for business from small SME’s to large multi-nationals? How prepared is Yotta Labs to play a leading role for “building the limitless future”?


As we are focused on the broad spectrum of smart nation technology Yotta are developing hybrid systems that will enable IOT and other systems to interact blockchain is just a small element of our developments and the connectivity to enable smart city, buildings, vehicles and homes to be more efficient but also to ensure the user experiences is flawless.

Jokia: One of the most exciting pages of your biography is the role as a researcher of new and emerging technologies with over 150+ projects. Could you share some successful and failure cases impressed you most? What are the internal and external reasons?


Yotta have now conducted in excess of 150 research cases and with over 1500 citations between the team we have certainly had many successful discoveries and also several successful patents but let’s not forget the thousands of hours head scratching to get to this point we have certainly experiences many failures and also the time consuming research that has not developed, the well-known iceberg, people only see the positives but that is the joy of being a research and development company we get to experience new technology that is not yet in the market. 

Jokia: The future of fintech in 10 to 15 years relies on security and improving authentication methods for companies to ensure users’ identity across their online service offerings. What will fuel the future of fintech? 


As with all new technology it’s all about version control and continual improvement as we now the banking system of today is slow and sending funds internationally is hurting many companies and individuals the future is digitization being able to send a transaction in less than a minute and also being able to trace the transactions is key for everyone but by doing so in a simple way. Digital currencies are coming but what will be key is digital tokenization to fiat currencies and we will see more companies issues crypto to fiat and fiat to crypto.

Security is a key factor and this is why we are developing several unique transaction and malware systems that will be driven using AI meaning it will work a lot faster than any human to detect and eliminate cyber flaws but we as humans need to play a key role as most security issues are human error.

Jokia: Some of the figures in your resume are particularly prominent. You are the keynote speaker with over 300 events of which include fortune 100 C-Suite talks. What’s your benchmark to select the top-tier industrial conferences?


The key focus for me and the team is education from the top down by providing the correct information but also dismissing mis-information, as with all new technology comes fear, we focus on top key events across are prime areas in SE Asia and Europe.

I recall one of the first talks I did in London to investment bankers telling them that Bitcoin was going to be a key driver and many thought I had just got off a space ship, I always say I would like to revisit them today and see how many actually to the advice given.

We can’t predict the future but we can develop it.