- In conversation with ZOOZ.LK Founder/CEO Dilshan Maduranga
Sri Lanka is in a phase of embracing modern advancements. Amidst this, the Government decided including Artificial Intelligence (AI) to the school information technology curriculum. In this backdrop, The Daily Morning Business had a conversation with ZOOZ.LK Founder and Chief Executive Officer (CEO) Dilshan Maduranga on his perspectives of the transformation.
Maduranga highlighted that even if it takes some time for the entire country to adapt to modern advancements, that period of time would allow them to identify demands, derive better solutions, and refine their abilities.
Maduranga shares his perspective on the dynamics of cryptocurrencies and ZOOZ.LK invests in persistent learning and training programmes to be updated on the latest trends, developments, and best practices in blockchain technology.
Following are excerpts from the interview:
Could you elaborate on the particular difficulties that ZOOZ.LK encountered as it grew from a small team fixing technical problems in Sri Lanka to offering digital solutions globally?
ZOOZ.LK initially began as a group of young people who were specialists in their own technical fields. Together we complimented each other well but our challenge was getting our foot through the door, gaining their trust and making a name for ourselves. We are truly grateful for the clients that took a chance on us.
Sri Lanka is such a great place to start the industry because Sri Lanka accepts technological advances even if they take some time to adapt it islandwide. But that timeframe helped us recognise needs, extract better solutions and hone our skills too.
There were negatives too, I remember how excited it felt to complete our project that took our energy and resources only to have clients not pay us or we would go through pitch meetings and agree to begin the project only to have them stop halfway but refuse to pay claiming the project was never complete. These situations depressed us, but it also helped us identify the importance of stating everything in our contracts.
Despite its focus on blockchain development and the erratic nature of the cryptocurrency market, how has ZOOZ.LK responded to it?
We have mainly been adapted by Stablecoin Development. Stablecoins are cryptocurrencies designed to have a stable value, often pegged to a fiat currency like the US dollar or a commodity like gold. And, by diversification of our services.
How did the business overcome the difficulties it faced where there were notable fluctuations in the price of cryptocurrencies in previous years?
We started by educating our clients on the dynamics of cryptocurrencies, so they make informed decisions and we also formed strategic partnerships with established players in the blockchain industry and strategic partnerships with companies in related sectors.
What tactics does ZOOZ.LK use to remain on top of blockchain technology developments and make sure the team is prepared to provide clients cutting-edge solutions?
ZOOZ.LK invests in continuous learning and training programmes for our team members to keep them updated on the latest trends, developments, and best practices in blockchain technology. Furthermore, keeping a close eye on emerging technologies and trends in the blockchain space, we proactively explored and experimented with promising technologies at an early stage. This positions us as early adopters and gives us a competitive advantage in understanding and mastering new tools and platforms.
Considering the global reach of your business, how do you handle and address the various demands and legal frameworks in various areas?
When it involves international clients, we first discuss and agree on the type of digital and the jurisdiction that benefits both parties, accordingly we form contracts with clauses that will keep both of us legally sound. We always take advice from our lawyers to provide us with the best solutions.
Establishing ZOOZ LABS LLC in the United States is a major step. What prospects and difficulties do you see in entering the US market, specifically for blockchain solutions and software development?
Expanding into the US market presents opportunities for accessing a large market, tapping into the vibrant tech ecosystem, and meeting the growing demand for blockchain solutions. However, challenges include competition, navigating regulatory complexities, talent acquisition, and cultural differences.
How does the business strike a balance between adhering to industry standards and best practices for website, software, and mobile application development and offering tailored solutions?
We balance providing customised solutions with industry best practices and standards by integrating client requirements with proven methodologies, ensuring flexibility while maintaining quality and compliance.
How does ZOOZ.LK handle security issues in the context of blockchain technology, and what safeguards are in place to guarantee the integrity of decentralised apps and smart contracts?
We address security concerns in the blockchain domain through rigorous auditing, code reviews, and implementing best practices in smart contract development. We also utilise techniques like penetration testing and encryption to enhance security measures, ensuring the integrity of decentralised applications and smart contracts.
How does ZOOZ.LK maintain its innovativeness in the quickly changing IT industry, and what part do continuous learning and development play for your staff?
We stay innovative by fostering a culture of continuous learning and experimentation. Ongoing education and training are pivotal, enabling the team to stay abreast of emerging technologies and industry trends, driving innovation and maintaining competitiveness.
Could you elaborate on your future goals or potential areas of growth for ZOOZ.LK, in the ever-changing landscape of the technology sector?
Our future plans might include expanding into emerging technologies like artificial intelligence, Internet of Things (IoT), and decentralised finance (DeFi). Additionally, we also might focus on further international expansion, strategic partnerships, and investing in research and development to stay at the forefront of the technology industry.