CariNet, also the Caribbean Digital Finance and Free Trade System has been officially launched, which is applying blockchain technology to help the Caribbean FTA member countries to build digital payment and digital financial infrastructures in order to build a platform for international trade. To meet the security demand of digital payment and financial system, the CariNet Main Net plans to introduce national nodes to supervise the whole blockchain network in order to develop in a credible and orderly direction. The national node supervision mechanism is not only of milestone significance for the development of the blockchain industry, but also a great progress to push the blockchain technology into the practical application stage.
The blockchain technology is considered to be the cornerstone of the next-generation value Internet as it entered the public eyes. But the brutal growth of the market also spawned a lot of negative effects, such as Bitcoin utilization in the black market, money laundering, terrorism and other crimes. It has become the consensus of all parties to introduce the supervision mechanism to guide the development of blockchain technology. As a supervision mechanism, the national nodes enter the blockchain network and lead the blockchain market from chaos to order and increase its credibility, so that the blockchain can realize the technology application in more important fields.
CariNet will first use blockchain technology for the Caribbean FTA member countries to create digital payment infrastructures, including mobile terminal payment software and ATM, and so on to address the lack of local electronic payment system. Subsequently, CariNet will assist countries to build digital financial infrastructures to help the world’s largest traditional offshore financial centre to complete the transition under the digital financial wave of the blockchain.
The operation of the CariNet Main Net is supported by the nodes. The 15 Caribbean FTA member countries will establish a data node respectively. In addition to participating in data storage and consensus, these 15 national nodes would also monitor all transactions that occurred in the clearing system and receive real-time transparent transaction data to avoid the use of the blockchain digital payment system for illegal transactions.
In order to meet the demand of supervision of the national nodes and the security demand of payment and finance, CariNet will introduce KYC authentication and connect the authoritative identity authentication system. All users on the chain is required to be multidimensional authenticated to ensure identity authenticity. And CariNet would ensure user privacy through changeable fake name and visitation control. CariNet Main Net has now realized the tracking and verification of the unique transaction serial number, identification of authentication, real-time processing of fund service guarantee, batch processing of automatic transaction, additional effective information of remittance instruction, multiple protocols utilization for information, real-time full settlement, SWIFT, trans-chain trading and other technologies.
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Blockchain financial infrastructures would be constructed based on the CariNet Main Net to provide services for financial products and applications, which can effectively link the abstract expression of the blockchain with the specific traditional financial products such as bonds, futures, options and so on. The blockchain financial infrastructures will be combined with the original offshore financial products and services in the Caribbean FTA to eliminate some intermediate links in the original financial market and realize the peer-to-peer direct transaction, which is simplifying the business process, shortening the trading period, effectively reducing the risk, increasing the efficiency and saving the cost.
The establishment of CariNet, the Caribbean Digital Finance and Free Trade System will bring new development to the declining financial industry in the Caribbean through transforming the traditional tax-avoidance offshore finance to the blockchain digital finance which meets the development demand of the time. Finally, CariNet would make the Caribbean FTA the global blockchain digital financial industrial axis center.