Viktória Kazár, Co-founder and COO of INLOCK tells about using blockchain technology and other innovative developments.
First of all, how are you and your family doing in these COVID-19 times?
Viktória Kazár: Since we are not able to see a part of our family, we talk on the phone much more than before due to this pandemic time period. Although we spend more time with our children too thus our work and free time have kind of merged together, so we have to manage our time smarter to recharge in the time spent together and then focus on work during working hours. I specifically feel that there is a stronger sense of togetherness, empathy between people.
Tell us about you, your career, how you founded INLOCK.
Viktória Kazár: Together with my co-founders, we felt the multinational companies where we worked represent different values than what we aim to accomplish. We had the opportunity of heading towards the decentralized world by using blockchain technology. In the meantime, we would have liked to create something useful and quit our comfort zones. The fact that we intended to achieve this at the same time greatly helped our work. Taking challenges has always been important to me, and what could be more exciting than doing what no one had done before us?
The projects that we do are so interesting that despite the several difficulties we encounter, it gives us the strength to come up with newer and newer solutions. Not only do I believe in it anymore, but I also see that cryptocurrencies will play an important role in the future.
How does INLOCK innovate?
Viktória Kazár: Cryptocurrencies are innovative developments; we utilize them as use-cases to help our customers.
Deposits are transferred in a matter of seconds by using blockchain technology. Even though we are a startup company, we provide more and more services, and we work much more time-efficient than any usual service provider.
INLOCK is only present online; thus, client registration is solved remotely from our application. This option has not been used anywhere yet when we started planning and developing our ideas.
The fact that our Savings Accounts service basically operates as a wallet for cryptocurrencies that pay higher interest rates than any bank account is also really tempting for clients.
Our most innovative solutions include our clients taking out loans on their cryptocurrency in such a way that as its exchange rate increases, they can even win on the transaction and have even more money to repay the loan than by the time they took it out.
How the coronavirus pandemic affects your business, and how are you coping?
Viktória Kazár: This pandemic situation has not only increased the importance of being present in the online space but has also resulted in an economic recession at the same time that brings the excessive output of the traditional financial assets, and this is expected to devalue them. Therefore some of the existing savings have begun to migrate to cryptocurrencies. More and more of our clients would like to feel safe (at least economically) in this uncertain situation. Needs for development are constantly emerging, our customer demand and audience are expanding increasingly while using our solutions with even more functionality.
Did you have to make difficult choices, and what are the lessons learned?
Viktória Kazár: Realizing if a product is not working well, re-planning, or even starting a new service again from scratch… well, this is hard. This inevitably happens from time to time as we are creating such a new and innovative project; our potential market is also new and changes so quickly. We need to keep up with the market. We have gained so much experience that we learn from either bad or good decisions, from which we can build and feel stronger.
What specific tools, software, and management skills are you using to navigate this crisis?
Viktória Kazár: As I mentioned before, INLOCK is only present in the online space, and we had many colleagues working remotely before, so we are familiar with video conference and project management software to effectively track our work. The need for redesigning elements comes up even more often due to the lockdowns; having a kind of analytical vision is quite necessary, and not only delegation but also back-checking is important when it comes to refactoring.
Who are your competitors? And how do you plan to stay in the game?
Viktória Kazár: Our competitors are not specifically startup companies. They are mostly former financial service providers who work with crypto assets as a sub-service. They are more capital intensive and were able to build on their previous clientele. In contrast, INLOCK is much more personal and customer-centric; clients also know we are working at fair prices, and they like that. We are constantly developing and innovating our technology which we try to use for outrunning our competitors. Since we are small, we can respond to market demands effectively, and we can operate cheaper as well. However, we cannot devote the same level of energy to marketing and business development as competitors.
Your final thoughts?
Viktória Kazár: Inflation is a constant problem for humanity, the rich are getting richer, and the poor will be even poorer.
Powers are being rearranged economically now in the world, and perhaps we have the opportunity for the first time to decide regarding our finances. Regardless of the states, it is worth taking advantage of.
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