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Telecommunications company TSTT in Trinidad and Tobago rolls out blockchain technology

 

 

By Guardian TT

PORT SPAIN
Petroleumworld 08 06 2018

With the integration of a cloud storage support service platform designed to enable blockchain technology for digital information and data sharing, TSTT has added to the innovations available to its customers.

A blockchain is a decentralised, distributed and public digital ledger used to record transactions across many computers. Its integrity comes from the fact that a record cannot be altered retroactively without the alteration of all subsequent blocks and the consensus of the network.

TSTT'S vice president, Supply Chain and Enterprise Portfolio Management, Keino Cox explained: “This technology aims to provide both private and public sector businesses with opportunities to increase their revenue growth streams, raise their competitive advantage and realise greater efficiency in the daily operations of their businesses.

“Blockchain sharing currently exists among many major corporations globally, many of which have reported a marked reduction in the cost of doing business, without jeopardising security and trust in business processes.”

Cox was part of a team from TSTT at CANTO's 34th Annual Conference and Trade Exhibition in Panama. At the international conference, attended by regional government officials as well as business leaders of private companies from various countries, TSTT shared some of its insights and expertise gained from deploying its home-grown E-Tender solution.

“One of TSTT's signature projects within blockchain technology is providing the E-Tendering Software Service. The E-Tender Software as a service facility is an online market forum for buyers and sellers, specifically to receive information on and respond to projects in the area of procurement for public or private tenders,” Cox said.

The E-Tender online solution was created by TSTT in 2012 in a bid to transform the previous manual system into an automated system. However, recognising its huge upside potential for expansion and its ability to assist in business optimisation, TSTT made the E-Tender service available and accessible to local state and private companies.

“Online procurement, though relatively new to this country, has within its digital marker significant functional advantages which include but is not limited to assistance with optimization of time and facilitating ease or access of doing business. The online platform has evolved into negotiating and evaluating tenders, and facilitating contract management and administration,” Cox explained.

“The system has been set up to be able to receive any currency payment online across the world in order to procure transactions and online tenders.”

Security features are imperative elements within this E-tendering facility. While BlockChain technology shares information more freely among its customers, this does not apply to the E-Tender service facility.

Having invested millions of dollars in security infrastructure for this venture to ensure the platform meets international security standards, TSTT hired independent security firms to conduct vulnerability testing and assessments of this portal to ensure its integrity to clients and customers are maintained.

Cox said: “There are stringent rules for the storage of data in the e-procurement platform within the E-tendering service. There are security encryptions in place to ensure privacy and data protection, for example when someone offers a tender it is automatically encrypted and secured in a lock box where it can only be accessed at the point of tender opening.”

He explained that during the opening of tenders, only persons who are part of the tendering process will have access to view information.

In February, TSTT signed a Memorandum of Understanding with IGOVTT to enable access to E-tenders throughout the country for ease of access to potential vendors wishing tender for government projects. In addition, TSTT has been in advanced discussions with other public and private entities locally, regionally and within Latin American on deploying its existing transformational E-tendering platform.

_________________________

Story from Trinidad & Tobago Guardian

guardian.com 08 06 2018

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