Blockchain Innovation Initiative (BII)
Let’s innovate: Call for Caribbean-based organizations with a private-sector problem that could be solved via blockchain technology.
During this call for challenges, problem owners – i.e. Caribbean-based organizations from the public or private sector – will submit a problem that could be addressed through blockchain technology. A call for solutions will then be launched to give blockchain experts from around the world the opportunity to present a relevant solution.
The solutions providers deemed most relevant and qualified will be invited to pitch their proposal at the Blockchain Symposium in February 2020. These pitch sessions will enable the Caribbean problem owners to consider piloting the solution in their organisation. If there is an interest on both sides, a request for technical assistance can be submitted to facilitate the planning and implementation of the pilot project. The pilot stage will provide problem owners with technical support to refine the problem, understand the implications of the solutions, and facilitate the implementation. The value of the technical assistance grant may range from USD$25,000 to $100,000 depending on the scope of the project and the availability of funds.
Collaboration with IDB Lab and LACChain
Compete Caribbean is pleased to announce a collaboration with the IDB Lab for this call. There are opportunities for private sector entities responding to this call to receive support from IDB Lab. Blockchain challenges/use cases for consideration by IDB Lab should demonstrate high social impact. This includes, but is not limited to, remittances and financial inclusion, traceability, social transfers, digital identity for poor and vulnerable populations, green certification, property records, medical history, and professional certifications, to name a few.
In addition there is potential for collaboration with IDB Lab’s recently launched LACChain, a regional program with the purpose of accompanying and accelerating the development of the blockchain ecosystem, seeking to maximize the social impact potential that the technology has to offer. LACChain presents the opportunity to facilitate the development of applications and scalable use cases with high social impact using the free, interoperable and regulated blockchain networks being developed through its program
 Conditions may apply.
Blockchain technology holds a host of opportunities for helping small economies to improve the efficiency and value-added of products or services offered by public and private organizations. The increased transparency, immutability, and traceability of Distributed Ledger Technology (DLT) such as blockchain can ultimately improve the ease-of-doing-business, facilitate compliance to and monitoring of regulations, reduce transaction costs, address inclusive access to cost-effective digital payments within and across borders, as well as enable the monetization of ideas, talent and intellectual property.
The objective of the call is to encourage private and public institutions to engage in hands-on exploration of innovative solutions to private sector problems, and to build a pipeline of projects involving disruptive technologies such as DLT/Blockchain that can be piloted in the Caribbean. Some challenges already identified include but are not limited to:
- Inclusive Tourism: How to facilitate online booking and payment for tourism experiences offered by Caribbean MSMEs (eg: walking/hiking tour, cooking class, music show, etc.)? Can blockchain facilitate environmental branding through green certification?
- Trade facilitation: How to use blockchain and smart contracts to enable interoperability of Caribbean systems and customs procedures?
- Access to finance: Can blockchain enable digital footprints to increase access to finance and build credit history for underprivileged groups cost-effectively? Can it be used to track crop progress to de-risk lenders interested in farmers?
- Traceability: Can blockchain enable farmers and agro-processors to be more rewarded for their production when it’s handled or sourced in a high quality, environmentally, and socially responsible manner? As well as green certification?
- Creative industry: How to use blockchain to track downloads and distribute revenues among artists, producers and copyrighters?
- High social impact: use cases that support vulnerable populations including but not limited to remittances and financial inclusion, social transfers, digital identity for poor and vulnerable populations,
Efficiency & Transparency: property records, medical history, and professional certifications, to name a few.
Organizations – public or private sector – must be registered in at least one of the 13 beneficiary countries: Antigua & Barbuda, The Bahamas, Barbados, Belize, Dominica, Grenada, Guyana, Jamaica, Saint Kitts & Nevis, Saint Lucia, Saint Vincent & the Grenadines, Suriname, Trinidad & Tobago
Pilot implementation will take place in one of the 13 beneficiary countries listed above.
The blockchain symposium will foster public-private partnerships by enabling experts to present their solution to potential buyers. Hundreds of professionals involved in accounting, law, governance, regulations, trade, etc. from both the public and private sectors will attend the event.
For problem owners selected: Attendance to the blockchain symposium may be sponsored including ticket and transport costs
|Call for Challenges from problem owners||December 9, 2019|
|Call for solutions – global blockchain competition to mobilize experts||December 2019|
|Shortlisting of solution providers||January 2020|
|Blockchain Symposium – Pitches from experts selected||February 2020|
|Call for proposals to identify pilot projects in the Caribbean||March 2020|
|Selection of Projects||April-May 2020|
|Piloting of Blockchain Solutions||2020 – 2021|
How to Participate?
Anyone who is aware of a problem relevant to the Caribbean private sector that can be solved through blockchain technology cost-effectively can encourage the relevant institution (public or private) to submit the application form. The problem owner does not need to be familiar with the solution nor commit to the implementation at this exploratory stage. The purpose of this Call for Challenges is primarily to identify Caribbean organisations that are interested in exploring an innovative approach to old problems but lack access to the technical expertise needed to assess the merit of cutting-edge solutions. The Application Form will be accessible online via Google. See information requested in appendix.
About Compete Caribbean
Compete Caribbean is a multi-donor facility whose objective is to support the Caribbean region in increasing productivity and Caribbean firms’ contribution to economic growth, by providing technical assistance for business climate reforms, cluster initiatives, and innovation. The program, jointly funded by the Inter-American Development Bank (IDB), the United Kingdom Department for International Development (DFID), the Caribbean Development Bank (CDB) and the Government of Canada, supports projects in 13 Caribbean countries.
About IDB LAB
The IDB Lab is the innovation laboratory of the IDB Group which seeks to catalyze innovation for inclusion in Latin America and the Caribbean. IDB Lab has a risk tolerance fit for high impact projects with support for early-stage companies, from ideation all the way up to scale.
LACChain is a regional program of the IDB Lab that was born with the purpose of accompanying and accelerating the development of the blockchain ecosystem, seeking to maximize the social impact potential that the technology has to offer.
The IDB Group is the leading source of development finance for Latin America and the Caribbean. It helps to improve lives by providing financial solutions and development knowhow to public and private sector clients. The group comprises the IDB, which has worked with governments for 60 years; IDB Invest, which serves the private sector; and IDB Lab, which tests innovative ways to enable more inclusive growth.
Call for Challenges
Questions to be answered via Google form before Nov.10th 2019
Please submit the online form here: https://forms.gle/w89fmTGYL2E1dvXeA to expression your interest in exploring blockchain solutions to a problem or opportunity that your organization would like to address.
- CONTACT INFORMATION
- Name of organization:
- Type of Organization:
- Public-private entity
- Privately owned
- Statutory Body
- Other: _______________
- Website if any:
- Country of registration:
- Number of employees:
- Name and title of the executive sponsor of this expression of interest (EOI):
- Name of the main contact for this EOI:
- Preferred phone number: ( )___-____
- CHALLENGE/OPPORTUNITY SUMMARY
- Describe the challenge your organization wants to solve, and/or the opportunity you wish to pursue through blockchain/distribution ledger technology.
- Describe the key stakeholders impacted by this problem/challenge; and/or beneficiaries the opportunity you wish to pursue may positively impact.
- Describe your organization’s motivation for solving this problem/pursuing this opportunity.
- Describe the activities undertaken, research done and/or resources committed to-date to resolve the problem or pursue the perceived challenge/opportunity.
- If ever a relevant solution if found, describe the resources that your organisation may be able to find or allocate in order to pilot the project (in-kind in terms of staff time or in-cash).
- Provide any other information that may be relevant for the selection committee.
Click the link below for more details on the Blockchain Innovation Initiative