Fintech firm CEO says ‘economic passports’ could change the region

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The Chief Executive Officer (CEO) of a global financial technology firm has made an argument for regional governments to explore the use of Blockchain software to create what he called “economic passports” for Caribbean citizens.
CEO of BanQu Incorporated, Ashish Gadnis said the benefit of the software is that an individual would be able to have their financial history, transaction history, and other records recognised whenever they may travel in the region.
“That’s a massive game changer that allows you to foster inter-country trade,” Gadnis said adding, “You will be able to move, establish things like your education record and your health care record with the authorities in that place.”
 Blockchain technology is a secured database allowing multiple independent parties to share information and trade using the synchronised and shared ledger. It maintains a continuously growing list of ordered records called blocks.
Each block contains a time stamp and a link to a previous block and through the use of a peer-to-peer network and a distributed time stamping server, a Blockchain database is managed autonomously.
Putting it in his own words Gadnis said, “It is basically a software that runs on the ‘cloud’. Blockchain is distributor ledger technology. Traditional systems are databases that somebody controls. On the block chain it’s not a database that you go to, but it’s a network of data on the cloud where the people who participate in the block chain have equal rights.”
(More in today’s Daily Observer)
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