What is Blockchain?
Blockchain is a decentralized database technology, which rose to fame as an accounting system for the cryptocurrency Bitcoin.
Simply put, a Blockchain is a sequence (=chain) of linked data records (=blocks). Those data records or “blocks” contain information about transactions, for example, bank transfers. What makes Blockchains so unique is that they are virtually tamper-proof and therefore, can play an almost revolutionary role when it comes to secure exchange of sensitive information.
This is why Blockchain also became interesting for various other industries and have developed into a cross industry information technology.
Due to the decentralized organization of Blockchains the database is stored on different computers around the world that are part of the Blockchain network. Each database contains the same information. So, if someone intents to manipulate a Blockchain, he would need to manipulate all the Blockchains that are part of the network and stored on computers around the world. This is one of the reasons, why manipulating a Blockchain is almost impossible. Furthermore, cryptographic concatenation secures the integrity of the database.
Originally invented by a group of researchers in 1991, Blockchain was originally created in order to timestamp documented information so that it couldn’t be tampered with. However, the technology remained unused until 2008, when the cryptocurrency Bitcoin was developed under the Pseudonym Satoshi Nakamoto.
Cryptocurrencies and Bitcoin
In many industries, such as the iGaming sector, cryptocurrencies have replaced traditional money as a form of payment. 2020 marks Antigua and Barbuda’s first steps in Bitcoin-centered policy, with the government having implemented laws designed to support and protect Bitcoin businesses by passing the Digital Asset Bill in Antigua.
Furthermore, the Eastern Caribbean Central Bank (ECCB) and the Barbados-based fintech company, Bitt Inc. have signed a contract in 2019 to conduct a blockchain-issued Central Bank Digital Currency pilot within the Eastern Caribbean.
A digital version of the EC dollar is part of the pilot and will be used in the Eastern Caribbean Currency Union by licensed financial institutions as well as non-bank financial institutions.
Advantages of Blockchain
Using Blockchain technology improves security in record-keeping, allows for more traceable transactions, and is a far more efficient and effective mode of payment.
The benefits of using Blockchain technology include:
- Verification for transactions without the need for third-party involvement such as banks, credit card companies, or PayPal.
- All data is structured as read-only, meaning it cannot be deleted or altered.
- The entire system is decentralized and all data is transparent and traceable, making it hard to tamper with the blocks.
Working with this technology is an appealing prospect for businesses, as it offers a secure and decentralized database for information as well as a faster and more secure form of monetary transaction.
Potential Uses of Blockchain Technology in Antigua
With the government’s pro-blockchain policies leading the way, there are a number of areas in which Blockchain technology can be a boon when operating in Antigua.
- Static Registry: This form of registry is used to store documents on a Blockchain so that the information can be timestamped and therefore unchangeable. This comes in handy for things such as land titles when investing in real estate in Antigua, providing you with total security and assurance of your ownership.
- Payment Registry: Individuals and businesses are given the ability to monitor and keep track of all cash and cryptocurrency payments as they are made in real time. This is extremely advantageous for international payments.
- Identity: It is possible to store all identity-related information on a Blockchain. This is useful for government and law enforcement departments working in areas such as identity fraud prevention, police records, and court cases.
Market capitalization is a major point of reference in the Antigua and Barbuda market, it verifies the validity of using cryptography techniques in the nation and thus generates the need for interest in the field.
Picking through the fine print to figure out the best way for you to approach business relocation to the islands while simultaneously adapting to this modern technology is where we come into play. At Relocate Antigua, we have a firm grasp of the potential of Caribbean Blockchain and a rock-solid understanding of the success story that is the Bitcoin industry in Antigua and Barbuda. We draw on our professional partners, expertise in the field and knowledge of the local landscape and legislation to provide our clients with the latest updates in the market.
Get in touch with Relocate Antigua’s expert consultants in Blockchain technology, and let’s discuss your investment plans and the scope of possibility open to you in investing in this new booming technology.