Innovation across all industries is a critical component for global growth for any company, whether it is manufacturing or sales of widgets. I had the opportunity to speak with the CEO of MegaHoot Technologies about his views on innovation and how he sees this being a very important part of any company’s growth plan.
First let’s touch on who the CEO of MegaHoot Technologies is and why his views matter. Louis Velazquez is a well-known entrepreneur and he has spoken on various topics related to technology and innovation. He has been a strong advocate of the use of blockchain technology in various industries, including finance, healthcare, and real estate. He has emphasized the importance of blockchain technology in ensuring transparency, security, and efficiency in business transactions.
In terms of artificial intelligence, Louis Velazquez has also recognized its potential to transform industries such as healthcare, finance, and transportation. He has emphasized the importance of responsible AI development that takes into account ethical considerations and promotes human welfare.
His company has been quietly working on various innovations in finance, security and social connection, working both independently and in concert with various companies across the globe. I asked him what his views were on the current events as it relates to the collapse of Silicon Valley Bank and other banks that cater to the startup community, this is what he had to say:
“The collapse of Silicon Valley Bank created an empty crater for the startup community, leaving many innovative companies without the banking relationships that they need to grow. The Venture Capital firms that utilized their programs to not only invest but help such startups to expand have also been scrambling for options. The reality is that shuttering any bank that caters to small business is a problem, you cripple the flow of money and it will cripple innovation and growth. This is why cryptocurrency plays a pivotal role with certain startups, not only those that are innovating in technology but even those that are using it as a path to inject working capital into their companies. The process of tokenization is just one part of the equation, the traditional banking part is the other however the way traditional banks work needs a recalibration in order to service the growing startup community better on a global basis.”
These were his views on the recent European Union Parliament’s approval for the crypto industry regulation:
“On the point of the EU Parliament’s approval of the landmark MiCA regulation is an epic victory for not only the cryptocurrency community but it will give a true guideline that other countries can mimic in order to protect the investment community. In the United States the regulators have been battling for control of the crypto market and injecting regulations that aren’t clear, this has created a lot of confusion for all crypto related companies, exchanges and companies that are looking to tokenize their projects. Exchanges such as Coinbase, Binance and Kraken have been spinning around on the head of a pin without any guidance and that is about to change for the betterment of everyone. For the very first time we will have a clear view of what rules need to be adhered to as it relates to Anti-Money Laundering, Know Your Customer rules and transparency. I feel that this will spearhead a true movement to take the Markets in Crypto-Assets “MiCA” from Europe to around the world and yes eventually to the USA as it makes sense.”
I asked him about his views on Anti-Money Laundering and Know Your Customer laws as it relates to cryptocurrency, this is what he had to say:
“Thank you for asking about this because it is very important, any crypto related exchange, decentralized or centralized, or crypto related company, project or any tokenized project, they should adhere to Anti-Money Laundering and Know Your Customer laws without question. The protection of the investment public is so important as if done correctly it breeds trust, when there is a very gray area then it can be a playground for fraud, rug pulls, scams and more. This is why at MegaHoot Technologies we have developed a Digital Identity System that will be available for any cryptocurrency exchange to integrate into their platforms at no cost to them. This system will allow investors to provide their vital details required at the click of a button without sending it via email or uploading to a website, it is a direct connect to the company. This becomes a value add and time saver for the crypto exchanges and again its a value add for the crypt community at large.”
I followed up with the question as to why was MegaHoot Technologies just giving their Digital Identity System away without a charge, this is what he had to say:
“That is a good question, thank you for asking that, the reason is simple, we want the cryptocurrency community to flourish and I know that our Digital Identity System can be a value to exchanges (crypto, stocks and commodities), banks (traditional and not), basically to any entity anywhere in the world that is required to adhere to AML and KYC laws. So allowing them to use it at no cost is a way that we can fast track this for everyone, it’s a decentralized system so it also keeps the power and data in the hands of the people. This is another key element, how many times have you had to submit identification, sign affidavits etc and wonder how secure this was? and that’s the point, we solved this issue.”
This made a lot of sense to me and the fact that it has nothing to do with profiting from it just makes it more intriguing. In the world of crypto there needs to be a clear and I mean crystals clear path for any company to follow. It cannot be regulations that cover stocks, bonds or commodities, so the Markets in Crypto-Assets or “MiCA” is going to be a crucial regulation point that I believe just may find legs globally. If it’s protecting investors and preventing scams then it should be embraced as the path and allow for crypt exchanges and related companies to flourish in a protected environment.
I closed out with one last question and that was where does he see blockchain, cryptocurrency and artificial intelligence in the next five years, this is what he had to say:
“Wow that is a tough one but let me give you my views, blockchain technology in the next five years will be integrated deeply into everything from financial markets and agriculture to manufacturing and logistics. Cryptocurrency over the next five year, with proper regulatory guidance will flourish and spark innovation across all industries, I see that happening. Lastly artificial intelligence, the next five years will be amazing with many of the major players pouring financial resources into research and development, there is little question that the landscape will change in a huge way. However over-regulating this space will be a detriment and trust me it will breed a new level of bad actors, we need innovation as only that could combat what such tech innovation brings to the table in bad actors coming fast and furious.”
In short we are in the midst of history across many industries similar to the growth we saw during the industrial revolution, we are having it now as the true titans haven’t emerged yet but they will begin to and pave the way to the future for all mankind.