State Street’s global chief technology architect Moiz Kohari has left his position at the custodian bank to dive into the startup space.
Kohari has been instrumental in kickstarting the bank’s extensive technology advancement program built on distributed ledger technology ever since he became a part of State Street in September 2016. Before that, he served as head of technology innovation for London Stock Exchange Group for five years.
Although Kohari and the co-founders of his new project are in secrecy mode, he shared that the emerging startup will focus on the data privacy space and how enterprises connect with users in this area.
“We are looking at how best to create a software-as-a-service (SaaS) platform that allows enterprises to really provide compliance to [data privacy] regulations and at the same give control of that data directly to the users. It will use both DLT and traditional types of data stores such as [Amazon Web Services’] S3. We think this is an underserved area and a great opportunity,” Kohari said.
Kohari elucidated that the work he did in the open source community developing a DLT foundation for State Street’s custody business informs the new privacy project. The difference is that the new project considers data itself as the asset class.
“Normally we don’t think of data as an asset class,” stated Kohari mentioning as usual examples consumers’ personally identifiable information (PII) or the way information is managed in the adtech space. “It’s about how do you represent that information in such a way you allow consumers to take direct control of that data, instead of enterprises allowing it to happen via archaic interactions in emails and written communications.”
Several of Kohari’s team members were Hyperledger Fabric maintainers for some years now and adopted the open-source blockchain tech with his team at State Street. Kohari further stated that work on Fabric endures within the bank.
“That journey continues in full force and I’m very excited to see where that will land and the huge implications of how that changes the custody world so you can create reconciliation-less systems,” he stated.
State Street refused to give comments.