Jamiel Sheikh, Founder & CEO of Scifn and Founder of Modelex.AI

Welcome to SettleMint’s newsletter, Chief Digital Heroes.?

Every fortnight, I interview an expert leading the charge on all things digital transformation at the world’s most innovative banks and financial institutions, then write up a summary of the top actionable lessons you can learn from them.?

We recently spoke with Jamiel Sheikh, Founder & CEO of Scifn and Founder of Modelex.AI. Here are the top takeaways from the interview.?

#1: Pay Attention to the Quiet Transformations

“I think the fact that people can’t, shouldn't gauge the blockchain market with what's happening in the crypto market, the prices and things like that. Banks are using these DLTs everywhere. I think I saw a metric where I think $1 trillion a month is traded on DLTs, but it's quiet. Nobody's talking about it. Between what JP Morgan's doing and HSBC's effects on DLTs and all that, right?

“So there's a quiet transformation and this noisy side where people are pricing and speculation and meme coins, and I would say focus on what's happening on the quiet side because smart people are adopting this stuff, and that's exciting for me. There's real adoption and so there's real money, right? It's not just Bitcoin, it's other stuff.”?

Actionable Takeaway: Separate blockchain technology from the crypto market's noise. Focus on real-world adoption, like banks using distributed ledger technologies (DLTs) for massive transactions quietly transforming the industry. Look beyond speculation to see how smart implementations of blockchain are creating substantial value.?

#2: Evaluate Technology by Its Value Proposition

“I don't think, like, hey, this is blockchain and this is not. The only thing, like, does this technology solve problems and create value proposition? Call it whatever you want. Call it blockchain, call it, you know, call it a database, if you want to call it a database, call it a DLT, whatever it is. Are the parties that are involved or stakeholders that are involved going to benefit? And will it move civilization forward? And if the answer is yes, then that should be adopted, right??

“So we're not purists and we’re not an ideologue like, hey, this world must look like this. We don't have that kind of view. It's like incremental. Whereas, like, the next step is valuable. Let's take the next step. The next step is valuable. Take the next step. And if the next step is not valuable, then we need to find an alternate step to take that is valuable. And I think we inch, inch; innovation inches forward, for us.”

Actionable Takeaway: Don't get caught up in labels. Whether it's blockchain or any other technology, focus on its ability to solve problems and create value. Adopt a pragmatic approach by taking incremental steps that benefit stakeholders and advance innovation, avoiding rigid ideologies about how technology should look.?

#3: Master Communication and Value Proposition

“So I would say these soft skills, communication, right? So am I communicating? That's always one. The second is like expressing, and we find a lot of difficulty in this — I find difficulty in this — expressing value proposition. It's very, very difficult. Beside it being like a mundane MBA trope of a bunch of words, like, how do you really hit the client's heart. Like, target their heart. Like, their like, ‘ah, this is something I want, I need, right?’

“And expressing that, whether you're trying to express your personal value proposition as a developer, as a marketing person, as whatever it is, like making very, very clear what the value proposition is in the sense that it's relevant to the person you're speaking to. Because [your] valid proposition may not be relevant or a concern to somebody else, right? It's like, okay, great, I've got, you know, hey, this thing here, this coffee will keep you awake for 6 hours. I'm like, well, I don't want to be awake for 6 hours. So expressing value proposition in the context that's relevant, I think that's really, really important.”

Actionable Takeaway: Sharpen your soft skills, especially communication. Clearly express the value proposition in a way that resonates with your audience's needs and desires. Tailor your message to make it relevant and impactful, ensuring your value proposition hits the target and creates genuine interest and demand.?

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