Nasdaq's Brad Smith met up with Gabriel Abed, CEO of Bitt to discuss his company's platform that is out to "kill cash."
Abed explained that Bitt is a financial technology company that is located on the island of Barbados with approximately 40 employees. The company's goal is to digitize a cash society. Their goal is to move away from a money-based economy to a digital one.
Disruption of Cash -- What it May Take
Bitt's CEO talked about how it is a mismatch that we are living in an ever increasing digital world and that doesn't match the current state. It will save times at a central banking level such as transportation, minting of money, cash management that all are expenses, but digital would help to save money for a lot of players in the economy.
Bitt and Blockchain
Bitt is utilizing blockchain technology to legitimize and acceptable to participants and players in a currently cash situation. Blockchain allows Bitt to decentralize currency in order to permit consumers, central banks, merchants and others to inter-operate without difficulty and with trust. Blockchain ensures that a standard is created for digital dollars, which is key to verification and trust. As he states, "We have created the world's first true digital cash which is pair-to-pair, transferable to any party without any friction or central authority." Abed noted that the Caribbean is one of the regions that is quickly adapting to this digital cash system, most notably the Central Banks of Aruba, Barbados and the Bahamas.
What Advise Do You Have for New Entreprenuers into the Blockchain Space?
Abed offered some good advice to those who may be thinking of getting into this emerging technology. He stated "Don't take no for an answer. Trust in mathematics. Make sure that you have the resilience and the guts to when you are getting into the space because you will be told no by the entrenched players and you will be kicked out their doors."
Watch the Entire Interview
Watch the entire interview with Gabriel Abed at the Consensus Summit 2017 via the Facebook Live video here or below:
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