1. CCCU 61st Annual Conference “Blockchain and Digital Payments”
Prepared by Bitt Inc.
June 18, 2018

2. What’s Blockchain, Simply Put?
A blockchain is a secure and open digital ledger system that cannot be tampered with or changed at any time. This means that everyone on the ledger has access to all recorded entries within the blockchain at every moment in the lifespan of the transaction.

3. Benefits of a Blockchain
It is ‘trustless’ and allows for ‘trust and verification’ for all transactions committed to the ledger.
It operates through consensus and cannot be tampered with by a single individual or entity.
It provides an immutable public record of transactions which add to transparency, accounting and compliance measures.
It removes the risk of forgery and eliminates the ‘double-spend’ problem.
It enables an interconnected financial ecosystems and global value transfer systems.
It provides mathematical and digital representation of real world objects towards the “Internet of Things”
Every single person can participate following the same rules

4. The Caribbean Systemic Financial Problems
Lengthy Settlement Times
Financial Inclusion and Unbanked
Citizens
Lack of Banking Infrastructure
Fragmented Currencies
Restrictive Barriers to Ecommerce and Innovation in Payments
High Remittance Cost
No Open Gateways and Open Payment Standards
De-Risking

5. Generation 1: Digital Asset Exchange
Objective:
Introduce the world to
Build a digital asset exchange for the Caribbean market
Allow consumers to use a push and pull matching engine to buy or sell digital assets for national currencies
Empower consumers with the ability to move into and out of digital currencies
Shortfall:
Education and awareness towards blockchain technology was poor
Encouraging digital adoption using blockchain proved to be complex and difficult for average consumers
There was no conduit between users, their money and digital dollars.
Generation 1: Digital Asset Exchange
January 2014

6. Generation 2: Mobile Wallet
Objective:
Introduce Bitt.com to the world
Provide users with a mobile wallet to manage their digital assets
Provide consumers with a convenient way to send or receive digital assets
Encourage adoption of the Bitt platform through the mobile market
Shortfall:
Limitations and management of physical cash
Local currencies were illiquid and did not interface well between consumers and the mobile wallet
Functionality of national dollars were limited to the physical world and were not conducive for the mobile application
Risk associated with digital currencies like bitcoin created user uncertainty
Generation 2: Mobile Wallet
January 2015
Avatar Capital backs Bitt.com with up to $1.5M US in seed funding.

7. Generation 3: Digital Dollars
Objective:
Digitize a national dollar on the blockchain in collaboration with the monetary authorities
Create the process and procedures for a Central Bank to securely issue Digital Dollars
Integrate Digital Dollars into the Bitt Platform
Provide consumers with a product that allowed them to interface with their national currency, digitally.
Provide integrity, accountability and transparency to the money base
Shortfall:
Lacking legislation and legal frameworks to support digital dollars, mobile money or payment service providers
An ecosystem to support Digital Dollars at every layer of the money base was non existent
Generation 3: Digital Dollars
February 2016
Overstock.com backs Bitt.com with up to $16M US in Series A funding.

8. Generation 4: Ecosystem
Objective:
Build the software required to provide digital dollar transaction services to all three layers of the money base
Create utility for a consumer to accomplish a digital transaction anywhere physical cash transactions can occur
Replicate a cash based society, digitally
Shortfall:
Absence of a regional settlement network for digital dollars
Inability to trade with neighboring territories due to missing monetary union
Generation 4: Ecosystem
January 2018

9. The economy of the future is Digital
Global rise in digital payments - in the US in point of sale transactions made by using mobile devices account for 50 Billion dollars with 60million US users using one of the top 4 mobile apps at least once in 6 months.
The caribbean must compete
Tourist travelling from developed countries are very familiar with digital payments as a convenient, safe and cost effective method of payment
Blockchain is cheaper and more secure, disintermediation, and immutability - in some cases it maybe faster.

11. Our technology seeks to solve the following problems:
Lengthy
Settlement Times
Financial Inclusion and Unbanked
Restrictive Barriers to Ecommerce and Innovation in Payments
No Open Gateways and Open Payment Standards

12. Digital Currency
The Barbados Digital Dollar is a digital representation of the fiat Barbados Dollar
Will always remain on a 1:1 ratio with the Barbados Dollar
Cash out whenever you want
mMoney Mobile Wallet users can pay mMoney Merchants for goods and services or each other from the convenience of their smartphone.

13. mMoney Merchant App
Point of sale application that facilitates
Digital Dollar Transactions
mMoney Merchant-Teller Management Panel
Desktop version of the App that allows
merchants to produce reports and monitor
the growth of their business
mMoney Wallet
Consumer side of the solution that allows
transactions to be made using Digital
Dollars

14. How the customer uses the wallet

15. How the merchant uses the Point of Sale

16. Becoming an
mMoney Merchant
is easy

17. The value of
Reduce the cost of entrepreneurs and micro, small and medium enterprises (MSMEs) to participate in the Digital Economy
Provide a robust, efficient and paperless framework for funding disbursements
Facilitate innovation with new payment rails for accelerated growth

18. mMoney Ecosystem

19. mMoney Ecosystem POS Integration Vendor/Supplier Payments E commerce
Hardware-Native Peripheral
Vendor/Supplier Payments
Local
International
E commerce
Payroll integration

20. The Ecosystem “3 Layers of The Money Base”
LAYER 1: ISSUANCE
Users: Central Bank
Function: A platform and solution for monetary authorities to issue digital assets securely onto the blockchain
DIGITAL DOLLAR STANDARD
(Cryptographically secured Assets)
LAYER 2: INTEGRATION
Users: Financial Service Providers, Commercial Banks
Function: Integration of digital dollars and blockchain technology into the legacy banking architecture
BLOCKCHAIN
(Distributed Ledger Technology)
LAYER 3: INTERFACE
Users: Consumers, Merchants
Function: Ability to send, receive and process digital dollars to and from smartphones and mobile devices

21. Generation 5: The Caribbean Settlement Network
2019 Objective:
Build a multilateral clearing and settlement facility for the Caribbean Region
Build a synthetic monetary union through the use of national blockchain based digital dollars
Design a smart contract to follow the rules of a trade-weighted effective exchange rate index utilizing Caribbean Digital Currencies.
Ensure a multilateral exchange rate index is driven by an autonomous system where all monetary authorities participate via the same rules of engagement driven by accountability and transparency
Introduce CaribCoin to the Caribbean and to the World
Empower People
Generation 5: The Caribbean Settlement Network

22. Questions?