Bitt Reveals Big Plans for Cross-Caribbean Blockchain Settlement Network

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For Barbados-based blockchain startup Bitt, creating a Caribbean-wide settlement network is a challenge that will be fraught with legal, technical and social challenges. However, thanks to a new partnership with Netki, one hurdle may have just gotten easier.

Announced today at Consensus 2017, Bitt revealed it will use identity tools developed by California blockchain startup Netki to improve and automate its customer onboarding.

While it may sound like a small step, according to Bitt co-founder Oliver Gale, the upgrade will serve to advance a larger bid to connect regional central banks and commercial banks using digital fiat currencies and blockchain tech as a new kind of payment rail.

“Across more than 7,000 islands, the Caribbean has 13 sovereign island nations and 12 dependent territories, most with their own financial system and currency,” a press release from the companies explains.

Bitt revealed it is already working with the Central Bank of Barbados on “pilot initiatives” behind the concept. (The Central Bank of Barbados declined to comment, but will be speaking later at Consensus 2017 today).

Gale told CoinDesk:

“We’re offering Bitt as a payment network. The vision is connecting the Caribbean with a settlement network.”

In this way, Gale framed the solution for conducting AML and identity on a public

Read more ... source: CoinDesk

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