Throughout the years, IBIS Management Associates has been dedicated to bringing operational excellence in payment processing. With recent developments in Blockchain technology it was our responsibility to ensure we continue delivering innovative services and solutions to optimize out clients’ business. In 2017, a dedicated team within IBIS Management fully dove into Blockchain Research and Development to explore opportunities for Caribbean financial institutions and Corporates and identify solutions for our clients.
Several initiatives were born, solutions developed and relationships formed, from publishing the white paper on Digital Currency for the Central Bank of paper on Digital Currency for the Central Bank of Curaçao and St. Maarten to developing in-house solutions and partnering with Global Blockchain experts as well as renowned Blockchain companies. In 2018, we also partnered with the University of Curaçao for research and development and to expose local students to new opportunities and our network.
Image: June’19 hand-over of Digital Currency white paper to Central Bank of Curaçao and St. Maarten.
From the beginning, with every solution we deliver and service performed we’ve always asked ourselves: What can we do that will have the biggest and most positive impact for Caribbean Financial Institutions and corporates? We understand the immense potential that Blockchain technology has to transform our economies and disrupt traditional banking systems, finance, insurance, shipping and logistics, health care, governments to name a few.
We are at a cross-roads where Blockchain technology is ripe enough to start impacting how we and our clients do business. The use and extent of Blockchain stretches beyond Cryptocurrency and offers an opportunity to add additional channels for Cross-Border payments and also the ability to streamline business processes through the implementation of Smart Contracts.
Blockchain gives organizations the ability to become leaders within their sectors by understanding and adopting this technology and also adapting to how consumers are seeking to do business. The sector with most opportunities if the Financial Sector, followed by the public sector, Insurance sector, Healthcare, and Shipping & Logistics. These are the sectors that have drawn most use cases and as such are seeing immediate results. The leaders within these sectors are setting the tone for how future transactions will be conducted and are preparing themselves to cater to the new generation customers.
BLOCKCHAIN KNOWLEDGE SESSIONS
To keep our clients abreast of most recent developments, ensuring they are well-informed to make strategic decisions and adjust their vision for the future, we provide Blockchain training courses for individuals as well as Corporate management teams, from the basics of Blockchain to the deep dive into use cases in all sectors of the economy. These sessions are adapted based on the knowledge level of the attendees. On a quarterly basis we also organize sector sessions, where we focus on the specific industry, their pain spots and real-life Blockchain solutions that are implemented globally. The training sessions are flexible and can be hosted at our office in Curaçao, your facilities or presented Digitally through a Webinar. The sessions are also customized to respond to the specific needs in each jurisdiction.
One of the most unique features of blockchain is its characteristic of being a decentralized system that is shared between stakeholders on the network, which makes information/data of value securely visible to the relevant parties. Value can also be exchanged if pre-dertermined or contractual conditions are met. This feature is very useful as it saves companies time, chances of human error and of any process conflict. Blockchains are able to offer faster, cheaper and more efficient options as compared to the traditional systems. Because of this, even banks and governmental organizations are turning to blockchain.
Smart contracts can be considered the most utilized application of blockchain technology. They are “self-executable contracts on the blockchain,” based on pre-determined requirements. They are digital contracts converted into codes and run on blockchain.
The world we live in today is still excessively dependent on paper-based contracts and documents. Even when digital contracts are used, the involvement of a trusted third-party is still required. Involving third-parties may lead to security issues or fraudulent activities along with high transactional costs.
With the use of blockchain these type of issues can be addressed efficiently. A blockchain based system allows all the stakeholders in the network to interact with each other in a distributed manner, and as such eliminating the requirement of a trusted third-party. Simply put, Blockchain is a technology that stores data on a distributed ledger. The stored data of records and transactions are available to all the parties in the network in real-time.
At IBIS Management, we take organizations across all sectors through an “Industry Specific Use Case Deep Dive” to identify existing use cases that are applicable to the organization at hand. Through the identification process, we help you prioritize the organization’s needs and rank the use cases that are most relevant and immediately applicable. Once the use case is identified, we further define the process and current gaps in the system to drive us to the development of a Proof of Concept Demo to show how Smart Contract would work in your real-life environment. This entire process is just a matter of one week where your organization will walk away with concrete proof of how blockchain can positively impact your business.
We develop on Ethereum, which is the most popular blockchain platform for creating smart contracts. Smart contracts can be applied in different industries.
The world of cross border payments is at an important crossroad where the rapid emerging technology of Blockchain, encryption and distributed ledgers will push back conventional ways of processing customer payments. Blockchain technology now makes it possible for financial institutions to offer extremely reliable cross-border payments in real-time, at a lower cost and fully trackable on a worldwide scale.
While we realize that keeping up with global technology innovations is of critical importance to financial institutions, it is also our commitment at IBIS Management Associates Inc. to bring these innovations to our clients in the best and most reliable manner, while maintaining our high standards of delivery our clients are accustomed to.
In partnership with Ripple, we have developed a trusted Blockchain connectivity solution, Alchemy-Ripple for cross-border payments on RippleNet. Next to a solid alternative to cross-border payments, this solution will set your bank apart as a technology leader in the region for innovation and blockchain technology adoption.