Blockchain technology has much wider application than just Bitcoin and cryptocurrencies. In this conversation with Trevor Forrest, of 876 Solutions, we continue a conversation we began in October 2019, on how blockchain technology can help Caribbean countries reduce corruption and increase global competitiveness, by now examining how Caribbean countries can leverage blockchain technology, and whether micro, small and medium enterprises (MSMEs) can also do the same.

 

This episode is also available in Apple iTunes, Google Play Music and on Stitcher!

With countries worldwide trying to manage the spread of the coronavirus (COVID-19), increasingly, they have been closing their borders, and advising social distancing and self-isolation to their citizens. However, countries and organisations still need to function. Hence, we are all being challenged to figure ways through which we can leverage ICT that might be even more efficient and effective than the status quo.

One of the newer technologies that has been getting a lot of attention, but is still very much misunderstood, is blockchain technology. In simple terms, it is “…a time-stamped series of immutable records of data that is managed by a cluster of computers not owned by any single entity. Each of these blocks of data (i.e. block) is secured and bound to each other using cryptographic principles (i.e. chain)”  (Source: Blockgeeks).

Although blockchain technology has been closely associated with cryptocurrencies, such as Bitcoin, since it was one of its earliest applications, the two terms – blockchain and cryptocurrencies/Bitcoin – are not synonymous. Blockchain technology can be applied in a broad range of purposes, which it could be argued, could make organisations, and even countries, more efficient, and their processes, more resilient and robust.

It is with the above in mind that we are continuing a conversation we started with Trevor Forrest during our October 2019 Community Chat on blockchain technology. During the discussion on “How blockchain technology can help Caribbean countries reduce corruption and increase global competitiveness”, Trevor began to lay his case with two examples: one on shipping and logistics, and the other on food provenance. However, at the end of the Community Chat, we realised that we had just barely scratched the surface, and it might be worthwhile to do a true deep-dive into blockchain.

 

Introducing our guest

Trevor Forrest

Trevor Forrest is the Chief Executive Officer of 876 Solutions, a managed technology provider serving the Caribbean market. His areas of expertise include: web design and development, blockchain, e-commerce, big data, network and cyber security. Trevor is based in Jamaica, and is a self-avowed blockchain enthusiast, who is of the view that blockchain can be as transformational as sliced bread was back in the day! He is a Certified Blockchain Architect, by the Blockchain Council, and was recently featured by the organisation as one of its success stories.

In this conversation with Trevor, once again, we continued the focus on how Caribbean countries can leverage blockchain technology, and whether micro, small and medium enterprises (MSMEs) can also do the same. So some of the questions we posed during the discussion included the following:

  1. What are some other examples of how blockchain can be applied to improve the competitiveness of Caribbean countries?
  2. How difficult is it to set up a blockchain system? Is it a good idea for Caribbean countries/governments to set up their own blockchain networks?
  3. In the Caribbean, the majority of our businesses are MSMEs. Outside of the obvious fintech applications, what might be some of the areas blockchain could be applied and result in considerable improvement?
  4. What are some of the challenges of MSMEs adopting blockchain?
  5. What are questions MSMEs should ask about the suitability of blockchain for their operations?
  6. What are some of the cons of blockchain?
  7. Are there scenarios or circumstances in which blockchain would not be recommended?
  8. What is Blockchain-as-a-Service (BaaS), and how does it work?
  9. What are some of the pros and cons of BaaS?

 

We would love to hear from you!

Do leave us a comment either here beneath this article, or on our Facebook or LinkedIn pages, or via Twitter, @ICTPulse.

 

Select links

Below are links to some of the organisations and resources that either were mentioned during the episode, or otherwise, might be useful:

 

 

Image credits:  Pete Linforth (Pixabay);  T Forrest 

Music credit:  Ray Holman

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