Phenomenal progress

Since the development of blockchain technology, there has been phenomenal progress.

Jonathan Johnson, Interim CEO, Overstock, shared this news as he delivered brief remarks during the annual Central Bank meets Blockchain Conference, which was held at the Hilton Hotel recently.

The CEO noted that in 2009, blockchain technology was introduced and solved many intermediary problems and allowed for digital assets to be transferred in a way that was free and frictionless, much like the internet did.
At Overstock, he noted that they saw the promise of blockchain technology early and became early blockchain investors, and saw Bitt, as their crown jewel investment.

He stated that the progress made by the company within the last year could only be described as phenomenal, highlighting that they were currently working on a contract with the Eastern Caribbean Central Bank to work on a pilot project that introduced the first ever central bank digital currency.

He noted that just last Friday he sat in a software demonstration with the BiTT team and the Central Bank and its consultants, and based on that meeting was able to confidently say that the technology was robust, safe and everything they could want, and the beauty of the interface was that it was easy to understand.

He believed that every Central Bank needed to take note of what BiTT was building for the Eastern Caribbean Central Bank. “The progress has been phenomenal,” he said.

He went on to note that much has happened within the past year. He highlighted that three years ago, Blockchain technology was seen as sinister and different, today that is not the case, the term Central Bank digital currency is known by all central banks around the world.

“It is becoming mainstream, and what is happening in Barbados and the Caribbean is that you are leading out. You have seen the future and you have clasped it firmly; this is the place that will lead,” he said.

“This will allow this region of the world to leapfrog into the future. Just like early adapters of the internet, early adapters of blockchain technology will be rewarded. Their citizens will be freer, they will be less dependent, they will participate in a grand world economy in a scale that we have not seen yet.” (CLF)