Pratik Gauri is a serial Indian social entrepreneur, investor, public speaker, and writer widely known as the ‘Creator of the 5th Industrial Revolution.’ He has been championing the UN sustainable development goals and helping transition the world from a for-profit economy to a for-benefit economy for more than a decade. As a young visionary leader, Pratik believes that the service of humanity and social good can work together with business and is on a mission to prove the thesis of 5IR (5th Industrial Revolution). Pratik has founded eight companies prior to founding 5ire, which is a blockchain ecosystem that brings forward Sustainability, Technology & Innovation to build the 5th industrial revolution. In an interview, he speaks on an array of topics. Excerpts from the interview:

Conception of 5ire

The lack of sustainable practices in blockchain has been a significant area of concern for stakeholders across the globe, and this has kept blockchain as technology from being widely accepted and adopted, observes Pratik. He stresses the need to enable communities/ companies, and to reward good behaviour instead of just selectively punishing bad behaviour and the companies that enable bad behaviour that got us to the current ecological emergency.

He remembers, “One day my co-founder Prateek Dwivedi and I were having a conversation over a cup of tea at a tea shop near a hotel where both of us were staying, and the idea struck us that sustainable development is the next big thing.”

This technology enthusiast laments the absence of a single platform that will help enable the communities/ companies and reward good behaviour. “You see, someone has to bring it together for the masses, and that is what the 5ire ecosystem is all about. It’s not simply a Level 1 blockchain. It’s an entire ecosystem that combines an exchange, an NFT marketplace, community education at the grassroots level, and a VC that can get budding entrepreneurs the help they need to create sustainable products and services and grow this ecosystem.”

The UN 2030 agenda for sustainable development

“We continuously try to find more reliable ways to assess a company’s contribution to better adherence to the SDGs and a better ESG score. But, of course, we have to do more than that” says Pratik. The firm aims to drive growth in the public sector and partner with governments across the world in the next few years. “We have already partnered with the police department in Muzaffarnagar in UP for smart policing. We are in talks with governments across states like Tamil Nadu, Assam, etc., in India and governments in the US and Africa to partner with them so that they can leverage our blockchain.”

The Blockchain Journey

This passionate entrepreneur is excited about the opportunities blockchain has to offer. “I am also passionate about reversing the effects of human activity on the environment. I have been working on sustainability for the past 15 years, and of those past 8 or 10 years, I’ve been trying to develop a Blockchain-based sustainability solution.”

Challenges Galore

Pratik feels that 5ire is the answer to many blockchain-related issues. “Primarily it is based on technology that supports sustainability, and our networks are audited and tested regularly for security issues.”

He also urges entrepreneurs in the blockchain industry to be wary about the reputation of the blockchain industry. “There is no disagreement on the good that blockchain can do. However, the ecosystem is starting to recognize the problem and making a shift. Globally, major blockchain networks are moving away from Proof of Work (PoW) consensus algorithms to Proof of Stake (PoS) to save electricity that gets spent mining for blocks.” Pratik however remained confident that the tide will soon turn more strongly towards sustainable practices in the blockchain sector and 5ire is the pioneer in that space.

Leadership Traits

Allowing people to become the best version of themselves by providing them opportunities to grow and having a ‘For Benefit’ and community-focused mindset is what this entrepreneur believes in. Nimble and adaptive, Pratik believes in remaining agile and adapting quickly to keep up with the ever-changing technology terrain.

The success mantras

“Learning from failing. Ever since I was 16, I have been in the start-up ecosystem, and I have learned early that every failure is an opportunity to grow.”

Sustainability- The way ahead

Pratik urges start-ups, entrepreneurs, and the general public to start thinking about ESG factors and sustainability in day-to-day lives as well. “It is a cause that I am personally passionate about as it impacts the lives of each one of us in the long run. At the end of the day, we want to impact the lives of one billion people, and we would want as many partners joining us in that mission as possible” he signs off.