SA entrepreneur launches new blockchain start-up

South African entrepreneurs, Riccardo Spagni and Naveen Jain, have recently launched a groundbreaking global blockchain project called Tari. The project aims to revolutionize the way digital assets such as concert tickets, loyalty points, and virtual goods are managed, by providing increased convenience, security, and liquidity. In a recent interview with CNBC Africa, Spagni and Jain discussed the innovative platform they are building and the impact it could have on industries like gaming, ticketing, and loyalty programs. Tari is based on blockchain technology, which is a decentralized system that allows for the creation of bearer assets or tokens. These digital assets are tamper-resistant and censorship-resistant, providing a high level of security and anti-fraud protection. Spagni and Jain highlighted the potential benefits of using blockchain technology for digital assets, such as the ability for issuers to set rules around their assets, ensuring they receive a percentage of profits when assets are resold. One example they provided was how concert ticket promoters could benefit from issuing tickets on the Tari blockchain, allowing them to profit from the $15 billion ticket resale market. The platform will also provide flexibility in terms of payment, allowing users to receive funds in any currency, including cryptocurrencies. The entrepreneurs emphasized that Tari is a global project, with a primary development team based in Johannesburg, but open to contributors from around the world. They expressed confidence in the software engineering talent in South Africa and highlighted the untapped potential of the country's skill base. By offering exciting projects like Tari, the entrepreneurs hope to attract top engineering talent and create a hub for innovation in the country. Despite the complexity of developing a blockchain-based system, Spagni and Jain stated that Tari is expected to launch in approximately two years. They emphasized the importance of prioritizing security and quality in the development process, given the sensitive nature of managing digital assets. In addition to driving technological innovation, Tari is also creating employment opportunities. The project has already begun hiring for various positions, with job listings available on their website, tarri.com. As Tari continues to develop and prepare for its launch, it represents a significant step forward in the world of blockchain technology and digital asset management.