Thodoris Koukoutsas: The adoption of blockchain from businesses will benefit many industries and communities

The President and CEO of GX Blocks Energy talks to Startupper Mag about the Blockchain and cryptocurrency industry and explains why his company stands out in this ecosystem.

It is a fact that in recent years we have seen, read and heard a lot about Blockchain, cryptocurrencies, their impact on the environment and their usefulness for businesses. In the minds of many more, however, things are not clear.

The “decentralized” world of this technology still seems hazy, and there are many more things worth knowing about this industry. Precisely for this reason, Startupper Mag met Thodoris Koukoutsas, Chairman and CEO of the Board of Directors of GX Blocks Energy, and spoke with him about the present and the future of this market.

Thodoris is considered the most suitable for this discussion, as he is one of the few Greek Startuppers operating in this market. His company creates new models of data center management, aiming at the creation of a new digital platform, where the user will be able to access blockchain services and products.

In short, it uses green energy to power its data centers, which in turn support the Blockchain network. He has been involved in Blockchain technologies since 2013, when he was still at university.

Since then, it has thoroughly investigated this ecosystem and through GX Blocks Energy now, we can confidently say that he knows as few the Greek and the international blockchain and crypto market.

Here’s what he answered in five key questions we asked him:

S.M: Blockchain has been gaining a lot of attention lately. What do you think has contributed to this fact?

T.K: Blockchain is an innovative and disruptive technology. It provides a system that records information in a secure, inaccessible and transparent manner, while ensuring privacy. Moreover Blockchain is a decentralized technology that creates a “digital trust” between different entities. The pandemic crisis has created in many businesses the need to think about how to apply Blockchain and cybersecurity technologies to their operations.

S.M: Has the greek market adopted blockchain technology?

T.K: The adoption of Blockchain technologies by greek companies is still at an early stage. There is a lack of knowledge on how these technologies can benefit companies. One of the services that we provide as GX Blocks Energy is the education and training in the latest technologies in the field.There are many Blockchain technologies available and the implementation of the right solution requires proper evaluation and analysis of each business. We also help companies identify their needs and provide Blockchain solutions to meet those needs.

S.M: What changes have you seen since you first got involved with blockchain?

T.K: I have been in the blockchain industry for the last nine years through various projects. In 2016, we launched a Blockchain services company, Pyleas ltd, which supported companies and individuals who wanted to participate in the Blockchain Mining Industry. The introduction of the regulatory framework for decentralised technologies in 2018 has acted as a drag on many projects. However, the European Commission’s recent proposal to regulate crypto markets will provide a clearer image of the Blockchain ecosystem.

In the last 10 years we have seen three phases of development:

> 2011-2015: Experimental period that could be briefly called “The Wild West” of cryptocurrencies.

> 2016-2018: The “Hype period”, when the first “users” from the financial sector and high-risk investors entered the field.

> 2019-present: Adoption phase by institutional players and governments or otherwise “Early age of maturity”.

S.M: How does the Bitcoin Mining Industry meet the ESG criteria for sustainability and environmental protection?

T.K: The concerns surrounding the environmentally and socially responsible use of digital assets are a huge challenge for the industry. In recent times, we have seen a shift towards renewable energy and many companies have adapted their operations to a more regulated environment.

At GX Blocks, from very early on, we developed many different hybrid solutions for energy and the “mining” sector, based on ESG criteria. We use green energy to power our data centers and support the Blockchain network. Our goal is to protect the environment while reducing our production costs.

S.M: How will things be formed from 2022 onwards?

T.K: Since we are now in a period of high growth, 2022 is expected to be an interesting year with many Blockchain products and solutions coming to market.

We believe that the adoption of Blockchain by companies, as well as Bitcoin as a new asset class, will benefit many industries and communities in the interaction and digitization of their ecosystems.

We expect in the coming years a significant portion of research and development activities that will bring to market a variety of solutions and products.