• In conversation with ZOOZ.LK Founder/CEO Dilshan Maduranga 

ZOOZ.LK is a start-up that began operations in 2012 as a small team to resolve technical issues limited to Sri Lanka, but now provides digital solutions across international borders stretching from the US to the UK and parts of Scandinavia.

This week, The Sunday Morning Business sat down with ZOOZ.LK Founder and Chief Executive Officer (CEO) Dilshan Maduranga to discuss where he started, how the business is going, blockchain technologies, and more. 

You are a young founder of a start-up. What inspired you to venture into your own business and what made you choose this industry?

Being a young founder of a start-up business in IT can be an exciting and challenging experience. As a new and upcoming founder, several factors inspired me to venture into my own business, mainly the desire for financial independence, the drive to pursue my passion for IT, and the need to create something new, all of which can be attained through entrepreneurship.

One of the key factors that made the IT industry an attractive choice for me was the fast-paced nature of the industry as well as the potential for exponential growth and scalability. With the right idea and the right team, an IT start-up can quickly gain traction and scale up to serve a global market, making it an exciting and rewarding space for young entrepreneurs like myself to explore.

What are the services ZOOZ.LK provides which help you to stand out from competitors?

We provide services ranging from website development, software development, mobile application development, and blockchain development. Our team of experts has the skills and experience to help businesses of all sizes leverage technology to drive growth and achieve their goals.

One of the key factors that sets us apart from our competitors is the focus on providing customised solutions tailored to the unique needs of each client. Rather than taking a one-size-fits-all approach, the company takes the time to understand the specific challenges and goals of each client and works closely with them to develop a solution that meets their needs and exceeds their expectations.

Another factor that helps us stand out is commitment to quality and customer satisfaction. The company places a high priority on delivering solutions that are reliable, secure, and user-friendly and works tirelessly to ensure that clients are completely satisfied with the services they receive.

Finally, our agility and flexibility allows us to adapt quickly to changing market conditions and emerging technologies. By staying on top of the latest trends and innovations in the IT industry, the company can offer cutting-edge solutions that help our clients stay ahead of the curve and achieve their business objectives.

What trends do you expect to change in your market in the coming years?

I see a rise in the use of Artificial Intelligence and automation. With that comes the need for cyber security because of the ever-growing and daily use of technology in our life at present and more so in the future.

Tell us about your blockchain development service.

Blockchain is a technology that allows for secure, transparent, and decentralised record keeping. ZOOZ.LK specialises in developing applications and software using this technology. Our team of blockchain developers can create customised blockchain solutions for their clients, including decentralised applications (dApps) and smart contracts. These applications and contracts use blockchain technology to ensure that transactions and data are secure, transparent, and tamper-proof.

For example, if a client wants to create a secure online voting system, we can develop a dApp using blockchain technology to ensure that each vote is recorded and counted accurately and that the results are transparent and cannot be tampered with. Similarly, if a client wants to create a secure digital contract for a business transaction, we can develop a smart contract using blockchain technology to ensure that the terms of the contract are transparent, secure, and self-executing.

Your profile says that your company develops cryptocurrency and NFTs. Is it a volatile time right now for crypto and NFT?

Yes, it is kind of a volatile time period for cryptocurrency and NFTs. For example, earlier this year, the prices of cryptocurrencies like Bitcoin and Ethereum went up very quickly and reached all-time highs. However, in May, the prices dropped dramatically and many people sold their cryptocurrency, causing the overall market to go down.

Similarly, NFTs also became very popular and valuable earlier this year, with some selling for millions of dollars. However, some NFT prices have since gone down significantly and fewer people are buying them now.

The Central Bank of Sri Lanka (CBSL) recently issued warnings against cryptocurrency. What are your thoughts on this?

While the CBSL’s stance may discourage some individuals from investing in cryptocurrencies, it may also prompt others to explore alternative avenues for investing in digital assets, such as NFTs or blockchain-based investments that are not classified as cryptocurrencies.

In the long term, the regulatory environment for cryptocurrencies in Sri Lanka may evolve as the Government and financial institutions gain a better understanding of the technology and its potential benefits and risks. This could lead to the development of a regulatory framework that supports the growth of the cryptocurrency industry while also mitigating potential risks to investors and the financial system.

Who are your clients?

We have over 75 clients spanning from Sri Lanka to the US and worldwide. We have also actually managed to retain the first client we had during our humble beginnings. This is all because our clients are as much a part of the creation process as the rest of my team is. 

What are your future plans?

In future, we would like to expand into an even bigger blockchain development team and products. Furthermore, we have opened up ZOOZ LABS LLC in the US and we are planning on expanding that branch further. The US is a country with massive software infrastructure and clients and we hope to tap into it.