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Blockchain industry in Haiti flourish

Maya Mandzikasvili | Jul. 1, 2019
Blockchain industry in Haiti flourish

July 1, 2019 | AtoZ Markets - The blockchain industry in Haiti is expanding and implemented in various aspects of the daily life of the country's population. 

About Haiti economical status in a brief 

Until recently, Haiti was known as one of the poorest and most unstable countries in the world, constantly suffering from hunger, natural disasters, and state coups. Haiti with its developing economy is usually more associated with earthquakes than with tech innovation. Years of political volatility have severely undermined the effectiveness of public finance and the rule of law in Haiti.

The country is still plagued by widespread corruption, gang violence, drug trafficking, and organized crime. In addition, bureaucratic barriers, weak infrastructure, including access to electricity, discourage foreign investment.

However, today this island state is considered more as a blockchain hub for projects that are expanding our understanding of the technology’s potential.

The current projects of the Blockchain industry in Haiti

It is worth to mention that two-fifths of all Haitians depend on the agricultural sector, mainly small-scale subsistence farming. Thus the state remains vulnerable to damage from frequent natural disasters.

  • Haitian entrepreneur Genevieve Leveille launched AgriLedger a blockchain-powered product tracking system. The project is very similar to IBM food trust blockchain a digital system for tracking and tracing food between retailers and suppliers. AgriLedger provides immediate access to data on produce origin, transport, and costs in each step in the supply chain.
  • Another startup called Blockchain Cotton Project (BCP) was created to improve the cotton industry and let smallholder farmers and cotton buyers track the production process of organic cotton. The BCP employs RCS Global Better Sourcing Program’s technology that guarantees the quality of the cotton and ensures farmers are paid a fair price for their crops. 
  • To counter the recycling process challenges a firm called Plastic Bank teamed up with IBM to launch an initiative, which today has 32 branches around Haiti. The initiative pays for recyclable plastic with a crypto token system custom-made for Haiti. 
  • Blockchain changes the Haiti ecosystem by creating an infrastructure and training business. For example, the Haiti Banj accelerator, created in conjunction with Google Launchpad, facilitates further implementation by providing tools and professional support for startups.
  • In addition, at the recent Haitian technical summit in June 2019, the central bank of Haiti announced that it plans to conduct an experiment to create a digital currency provided by the blockchain.

Such events show that 2019 is a crucial moment for the Blockchain industry in Haiti to demonstrate its potential. The technology adoption in the country can show how innovation can be used not only for trade but also as a catalyst for social change, ensuring quality, fair conditions and reducing economic instability.

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Disclaimer: The views and opinions expressed in this article are solely those of the author and do not reflect the official policy or position of AtoZ, nor should they be attributed to AtoZMarkets.