By NATARIO McKENZIE
Tribune Business Reporter
BLOCKCHAIN and crypto currency assets have the potential to revolutionise “the way we do business”, a local advocate said yesterday, urging The Bahamas to “seize the opportunity”.
“Blockchain, crypto currency and FinTech (financial technology) has the potential to revolutionise this country and the way we do business,” said Wayne Johnson, a corporate manager for the Zucaz Group.
“We have to look at the big picture. We have to give young entrepreneurs the ability to innovate. We have to give our people a chance; we have to think big. We are in a great position, and have a tremendous opportunity to use the technologies to transform this economy, create new entrepreneurs, change the way we do business and how we may be perceived. There has to be the political will to make it a reality.”
Mr Johnson hailed as a “good thing” the Central Bank’s Project Sand Dollar, which will introduce a digital Bahamian dollar. Exuma will host the first test of the electronic currency.
“We have to reach the unbanked. We need to go more into Blockchain and crypto assets. We don’t have to reinvent the wheel here. There are parts of Africa where mobile to mobile payments have gone through the roof,” said Mr Johnson.
“We don’t even have to worry about building out infrastructure. We need to be able to cultivate the creative minds in this country and come up with creative solutions to many of the problems we face in this country. There is so much we can do with technology.”
The Central Bank has selected NZIA Ltd, a joint venture between IBM and a Singapore-based software company specialising in Blockchain solutions, from among 30 bidders to be the preferred technology solutions provider for Project Sand Dollar.