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Chainlink Chief Product Officer Kemal El Moujahid Explains Why Every Business Needs A Web3 Strategy

During the 2022 Chainlink SmartCon event, September 28-29 in New York City, Nasdaq TradeTalks’ Jill Malandrino hosted a two-day interview lineup at the MarketSite Studio in Times Square with some of the conference’s 100+ expert speakers from the Chainlink ecosystem

After speaking with Space and Time CEO Nate Holiday about why web3 needs more data, Malandrino sat down with Chainlink Chief Product Officer Kemal El Moujahid to discuss web3’s total market opportunity.

“Every business will be massively impacted by web3,” said El Moujahid. “This is coming from user demand to have services that are provably fair.”

He elaborated, “As a user, you want to be using a trading app that does not stop your trades at the worst moment for you. Or if you’re buying an insurance product, you want to make sure that you’re buying a product that pays out automatically and doesn’t send you to ask for your payout in the claims department. Until now, having this proof wasn’t possible.”

He said that with web3 technologies, businesses now have the ability to differentiate themselves by demonstrating that their services are provably fair.

“If you have a choice to buy insurance that has this property – that it cannot choose not to pay you if the conditions are met – then you would probably buy that insurance.”

Nearly every business has needed to develop cloud and social media strategies over the past decade. El Moujahid said the same applies to web3. He offered his advice on how to begin. 

“I think the most important thing to understand about web3 is that it’s not an all-or-nothing proposition,” he said. He recommended taking the part of a business that’s most important to be provably fair and putting it on-chain first. For a game, that might be randomness. For an insurance policy, that might be its payout mechanism.

As the web3 industry’s leading oracle network, Chainlink provides essential trust-minimized services like Chainlink VRF (Verifiable Random Function), which ensures provably fair randomness in the GameFi industry, as well as decentralized weather data feeds that are used to automatically execute parametric insurance smart contracts

El Moujahid pointed to initiatives like the Chainlink BUILD program, which just announced its first ten participating projects, as fundamental tools for startups that want to establish cutting-edge web3 strategies.

“Where we’re excited to help them at Chainlink is that we’re providing all the connective tissue and the services that they need to be able to pull together these modern web3 apps,” he said. 

Watch Jill Malandrino’s full interview with Kemal El Moujahid on Nasdaq TradeTalks.

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