GEORGETOWN, Cayman Islands, April 19, 2018 /PRNewswire/ — With the rapid development of the global blockchain market, Caribbean countries are ready to embrace the blockchain in an all-round way to inject new catalysts into the declining traditional financial industry. CariNet Caribbean digital finance and free trade system has been officially launched by the Caribbean Free Trade Zone. Furthermore, CariNet will build digital payment and digital finance infrastructure for member states of the Caribbean Free Trade Zone in order to create an international trading platform. These measures will help the Caribbean Free Trade Zone upgrade to the blockchain era completely in a rapid way, transforming it from a traditional offshore financial centre to a global digital financial centre and free trade hub.

CariNet is chaired by renowned angel investor Charles Xue, advised by Frank Zheng – who directs the Caribbean Free Trade Zone concurrently as the head of the blockchain authority. Additionally, there are several Caribbean financial institution executives as core team members. In addition to the core team‘s strong backgrounds, international blockchain organizations, the world confederation of free trade areas, and the Caribbean blockchain research institute will also support the development of CariNet as partners.

The development of the CariNet system will be carried out step by step, including the development of the CariNet’s main network and the creation of blockchain applications around CariNet for financial and trade scenes.

Development of CariNet main network

In addition to the blockchain technology, the highlight of CariNet is the introduction of trusted mechanisms and national nodes. CariNet uses a real-name system to solve the problem of trusted authentication. After logging in through the authoritative authentication system, users’ privacy is guaranteed by changing pseudonyms and access control. The 15 members of the Caribbean Free Trade Zone will hold one national node respectively. In addition to participating in data storage and consensus, the country node will also monitor all transactions occurring in the blockchain digital clearing system.

Building blockchain digital payment infrastructure

Mobile payment software based on CariNet, as well as offline blockchain ATM and POS machines, can be widely used in many of people’s daily life scenarios, such as restaurants, coffee shops, bars and other consumer places, as well as shopping malls, office buildings, residential areas and other public areas, so as to solve the problem of lack of electronic payment in the Caribbean.

Blockchain cross-border payment system

The cross-border payment system based on the blockchain of CariNet main network will be used as the digital financial service infrastructure. As long as any individual or institution can be connected to the network, it can make point-to-point direct payments to one another without going through various intermediate links in the traditional cross-border payment system, and so the clearing and settlement process in financial transactions will be greatly simplified.

Digital financial services platform

The digital financial service platform is established based on CariNet’s main network, and the shortcomings of the current financial service system are improved through blockchain technology, especially the latter which is based on centralized, hierarchical processing transaction and accounting methods. The new digital financial platform will be widely used in the traditional offshore financial business of the Caribbean Free Trade Zone, thus simplifying business processes, shortening transaction cycles, effectively reducing risk, improving efficiency and saving costs.

A fast and secure intelligent international trade platform for the Caribbean

Blockchain technology is used to realize tamper–resistance and the sharing of platform data, Moreover, artificial intelligence is used to achieve efficient matching between buyers and sellers, thus reducing the marketing cost of merchants and improving the marginal benefits of buyers and sellers. The use of intelligent contracts to complete the business cooperation between buyer and seller weakens the role of third-party intermediaries, thereby distancing the buyer and the seller from any transaction credit risks traditionally involved in the business implementation. Fast, secure, and traceable transaction transfers will become a reality by using blockchain cross-border payments.

The establishment of CariNet Caribbean digital finance and free trade system is the first large-scale centralized application of blockchain technology at the national service level. Further applications include providing compliance licensing services related to the blockchain of Caribbean Free Trade Zone member states, assisting member states in issuing licenses related to digital finance, and attracting enterprises and institutions related to the blockchain industry to enter Caribbean Free Trade Zone. It makes the whole system more energetic.

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SOURCE CariNet