Blockchain outfit of Bitt’s adopted by Medici

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Medici ventures which is also the Blockchain investment arm of American retailer Overstock has recently paid 8 million dollars for controlling interest at Barbados based Bitt. Bitt was generally founded in the year 2013 to provide the infrastructural support to a digital financial ecosystem throughout the whole Caribbean. It was also followed by two previous investment of Medici in their firm.

Its financial software as well as mobile application platform used blockchain and distributed their ledger technology to facilitate and secure point to point transactions. They had been in a contract with Eastern Caribbean Central Bank the previous year to head a securely minted digital version of the bank’s dollar. Now ECCB is planning the distribution as well as the use of their digital dollar throughout their Eastern Caribbean Currency Union’s member countries enabling the peer to peer transactions between the merchants as well as consumers through phones.

It was also announced by their CEO that their spearheading work in central bank digital currency space promoted social inclusion, financial empowerment as well as economic growth. They are also the perfect use case for blockchain technology to fundamentally change their way in which they transact their functioning of society. Medici venture works as a venture capital firm. It manages investment in building solutions as well as servicing blockchain technologies. They also encourage the adoption of distribution of ledgers to bring security as well as transparency in financial technology at the state of Delaware.

Hence we can say that the Blockchain is decentralised, distributed and mostly public, the digital ledger which mainly consists of records known as blocks that can be used to record transactions across multiple computers so that the involved blockchain cannot be changed or surveyed instantly such as without the alteration of the blocks. The main reason behind their increase in demand is that their records are much safer than the most other software available in the market. As the market is more immature hence they can be more vulnerable than other software available in the market with their bugs and codes. So it is safer to use in the financial market.

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