Netki and Bitt Look to Target Caribbean Banks Using Digital Identity Service

Netki, a provider of Open Source and Open Standards compliance solutions for blockchains, has unveiled a new production platform for central banking entities, utilizing its Digital Identity Service, per a group statement.

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The release will see Netki team up with Bitt, providing the newly launched solution via a Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term-based central bank digital currency issuance. The collaboration will foster a stronger payment and settlement framework, helping stimulate levels of economic growth.

Bitt presently is a key player and architect of blockchain and distributed ledger based technology infrastructure for interbank transactions and cash digitization systems for central banks. The initiative will specifically target Caribbean banks – Bitt and Netki will be supporting central banks in their role as regulators and banks will have all the necessary identity information required for transactions, ultimately helping lower risk levels and increase the ease of doing business.

According to Gabriel Abed, CEO of Bitt, in a statement on the collaboration: “Bitt joined forces with Netki as part of our ongoing initiative to bolster compliance efforts and provide an effective means for all people, including underbanked individuals to engage in the global economy through digital Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term that are low cost, secure, easy to use and highly efficient.

Correspondent banks have de-risked some local Caribbean banks based on perceived higher risk and lower returns. This prevents these local Caribbean banks from having access to foreign markets and also hurts merchants and customers who are unable to access foreign banks and financial institutions.” noted Oliver Gale, President of Bitt.