Break BCT down for others

Participants of this week's Regional Block Chain Technology at the end of the US-funded meeting today. Picture: JONA KONATACI

Participants of this week's Regional Block Chain Technology at the end of the US-funded meeting today. Picture: JONA KONATACI

Update: 7:10PM TECHNICIANS who know the value of Block Chain Technology (BCT) must spend the time to break the concepts down to everyone around them because the mechanism will make a great impact on the world.

As they completed the first-ever Pacific meeting of stakeholders involved in BCT, participants from all over the Pacific reminded each other of the need to raise awareness of the complex technology.

Funded by the US Embassy in Suva and hosted by the University of the South Pacific, the Regional BCT TechCamp was organised by TraSeable Solutions Ltd, which is the first tech company in Fiji to develop BCT-based software.

Speaking during a panel discussion at the end of today’s program, Eserani Munivai, a financial sector analyst, said the participants also needed to encourage innovation.

Also a researcher at the University of the South Pacific, Mr Munivai added a regulatory framework would enable innovation technology but acknowledged that stakeholders would need to work towards more flexible legislation first.

“I think it’s very important that all of the IT stakeholders need to come together and we need to work towards a communications strategy to make governments and regulators like the RBF to understand these technologies. That way, you would not face what other tech firms face in other jurisdictions when they try to present other new ideas into the market,” Mr Munivai said.

BCT is the internet-based digital ledger where transactions made in bitcoin and other cryptocurrency is recorded publicly. 

Its traceable and permanent nature makes is useful in other sectors.