The modern world has been formed by technological revolutions, which have all taken root in wealthy countries so far. This approach is now being challenged by a new disruptive technology called blockchain. Haiti is the poorest country in the Western Hemisphere, and many of them have made their way here. These projects make use of blockchain technology to solve challenges that ordinary people face.
Haiti faces unique problems as a developing country. When it comes to Haiti, people are more inclined to think about earthquakes than technology advancements in the usual sense. Today, Haiti is a beehive of blockchain-based projects that are improving our understanding of the technology's possibilities.
In the same way, the Blockchain Cotton Project (BCP) will have a big impact on the cotton sector. For long years, Haiti hasn't produced cotton. If everything goes according to plan, it will soon be supplying millions of pounds of organic cotton to American retailers for shoes, shirts, and other items. The tracking of the organic cotton production process is a challenge for small farmers in Haiti. Cotton buyers can access information on the entire planting process using blockchain technology, starting with the name of the farmer and the farm's GPS position and progressing through the specific fertiliser use and environmental impact of a given batch.
It's nearly impossible to tell whether Haitian products are organic or fair trade without the blockchain. BCP makes use of RCS Global Better Sourcing Program technology, which is a solution for on-site tracking and due diligence that ensures cotton quality and fair prices for farmers. In 2019, a limited number of farmers will take part in the experiment, but it might grow to 17,000 farmers in five years. This will resurrect Haiti's cotton industry, which has been dormant for the past 30 years.
In the agricultural sector, AgriLedger, a women's empowerment programme developed by Haitian businesswoman Genevieve Leveille and debuted in Haiti this year, will alter the food supply chain's pattern. International purchasers may scan QR codes and instantly access data on product sources, shipping, and costs at every step of the supply chain thanks to a bespoke platform powered by blockchain. People can see logistics data such as sales documentation, certification, and transportation on the Internet, and these data are unchangeable. Only those who have been audited can check transactions, as the payment system offers real-time data to all participants.
Through the creation of infrastructure and educational enterprises, Haiti's ecosystem is preparing for the changes that blockchain will bring. Banj, Haiti's first accelerator, co-founded with Google Launchpad, helps start-ups move further by providing tools and expert support. The "Cryptocurrency for Haiti" and the "Haiti Blockchain Alliance," both of which have significant promise, are two more projects targeted at assisting Haitian enterprises realise the potential of blockchain.
The Haitian Central Bank has revealed plans to trial a blockchain-backed digital currency at the Haitian Technology Summit in June 2019, indicating that the next key phase of blockchain development-institutional applications-has begun. Given Haiti's financial instability, digital currency will be beneficial. This development will not only mitigate the effects of high inflation, but it will also assuage international investors' fears of currency volatility.
All of these recent events demonstrate that blockchain is already benefiting the lives of ordinary Haitians. 2019 appears to be a pivotal year, as these projects begin to bear fruit and demonstrate their full potential. The Haitian sector is not only a great example of how blockchain can be used in business, but it also serves as a catalyst for social change by insuring quality, fair conditions, and decreasing economic swings. To solve the particular problems of emerging markets, it is critical to use blockchain to alter society and connect people in new and transparent ways.
