Our new Disruption by Blockchain series aims to highlight companies that are leveraging the incredible potential of blockchain technology to disrupt and revolutionize their industry. Through one on one interviews, we'll speak directly with industry leaders to cut beyond the hype and get directly to the heart of practical use cases and examples of how it will change the world, one industry at a time.
The following is an interview we recently had with Dipesh Sukhani, Co-Founder, Business and Operations at Indorse.
1. What’s the history of Indorse? How and where did you begin?
DS: Indorse was conceptualised in April 2017 and was formally incorporated in May 2017. The previous company founded by Gaurang and David (also the founders of Indorse): Attores, drafted the path of Indorse.
Attores offers digital certificates on blockchain. As a pilot, Attores has worked with a Ngee Ann Polytechnic in Singapore, for issuing approximately 500 diploma certificates on a public blockchain.
At Attores, our team realized that there was something fundamentally broken with the current model of skills representation and validation on the internet.
Specifically, people (pretty much similar to myself) were looking to publish their skills which they acquired over the years on working some project, but (a) that particular skill was not acquired on account of any degree or course from any particular accredited institution, and (b) the validation of this skill from reputed third parties would add tremendous value to their profiles.
This thought was the birthplace of Indorse.
2. Who are the founders and key team members?
Gaurang Torvekar, CEO
David Moskowitz, Director
Avadhoot Kulkarni, Chief Marketing Officer
Dipesh Sukhani, Business and Operations
3. What problem are you solving? Who are you solving it for?
(A) Unverified Skills: The current professional endorsement systems on other platforms does not focus on genuine endorsements. Unfortunately, anyone could endorse anyone for anything, at times without knowing whether the person really has those skills or not. Sadly, even I have been endorsed online for a skill set – that (a) I do not possess and (b) that skill in itself is so general that it would not add any value for anyone.You will appreciate that while a person’s education and the institution he / she went to matters, it’s also his/her skills that were acquired along the way that play a greater role in his/her growth trajectory.
(B) Data Ownership: Another problem that every one of us who uses social media faces is the ownership of data. Your data on such platforms are owned by these platforms. Thus, your privacy is at their mercy. It is possible for them to manipulate your data.
(C) Not being Rewarded beyond connections: Each of the social networking platform’s key to success is the data that it collates. Bad news is that none of us are getting anything out of it (apart from being connected to a larger community), nor from the value of the network as it grows.
Each one of us is facing the above issues.
4. What is your solution to this problem?
DS: Our solution is simple – a network which (a) validates every action taken by a user, and (b) rewards every user who helps in validation.
Designing a system which caters to the above needed the blockchain technology brings in 100% transparency.
There we had it. The dots started connecting together. We had a problem that we could fix using our expertise in blockchain, that could have an impact on billions of lives and benefit everyone in the ecosystem. David, Gaurang, Avadhoot and I started working on this since then.
5. Why is your industry ripe for disruption?
DS: As you are reading this, Indorse is in the process of creating a new niche in professional networking industry – ‘Validated Profiles’. A study shows that at least 40% of the people have lied on their profiles. This is the problem that Indorse hopes to root out, with the added benefits of (a) the user controls his / her data and (b) the users are rewarded for their interaction with the network and also curating the Network.
6. What’s the future of your industry?
Prediction #1: There will be demand for people to get their skills validated, to be able to showcase to the world of not only who they are, but what they can do.
Prediction #2: Recruiters will prefer profiles that have already been validated, thus, saving time in screening people.
Prediction #3: Users will want to share the growth in the value of networks which are fueled by their content.