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By Chelcee Brathwaite and Nikolai Layne

A decline in tourism due to the COVID-19 pandemic reminded the Caribbean of their need for economic diversification. An area for consideration is the “orange” economy which, given the region’s rich cultural assets, presents endless opportunities. However, comparative advantage alone is not sufficient to fully capitalise on the sector’s emerging trends. In this SRC Trading Thoughts we explore how Web 3.0 can be leveraged in the orange economy.

An Economic Engine with Strong Susceptibility to Disruptive Innovation

The orange economy includes several linked activities which transform cultural, artistic and heritage-based ideas into creative goods and services whose value is determined by intellectual property rights (IPRs).

Pre-crisis forecasts indicate that the creative economy could account for 10% of global GDP before 2030. Previous estimates indicated that the orange economy generated 30 million jobs worldwide (employing a greater share of youth, women and minority groups in developing countries than in advanced economies) and contributed 3% of global GDP in 2013, with even bigger contributions in some Caribbean states (8% of St. Lucia’s GDP in 2012 and 5% of Jamaica’s GDP in 2007). UNCTAD found that the creative economy’s export trade growth averaged 7% between 2002 and 2015, demonstrating faster and more resilient growth than other industries even during the 2008 global financial crisis. The orange economy presents a unique opportunity for the Caribbean to leverage its dynamic cultural elements as a comparative advantage to achieve stronger economic growth and diversification, while contributing to several SDGs.

Creative disruption is prevalent in the orange economy, with digitization already significantly reducing costs for creating, accessing, and distributing creative works, and replacing physical products that embody these works with digital products. Dr. Keith Nurse attributes the growth of the digital creative sector to rapid techno-economic change, increasing commercialization of IP in the digital world, growth of social networking and synergies among value enhancing activities.

Leveraging Web 3.0 to Overcome Barriers in the Orange Economy

Web 3.0 is generally accepted as a new iteration of the world wide web that is based on the blockchain. Blockchains are supported by multiple layers of technological innovation which are critical to its decentralisation. Each layer underpinning Web 3.0 plays a critical role in processing data and distributing value in a frictionless way. Although the potential of such disruptive technologies cannot be fully conceived, what is evident is that leveraging areas such as artificial intelligence, big data, distributed ledger technology and digital identity can create an inclusive and connected environment where people, businesses and countries can participate and share resources.

Let’s briefly explore Web 3.0’s predecessors. Web 1.0 surfaced as the first stage of the internet in 1989 but was very limited in its capabilities with content shared in a read-only form and static pages hosted on ISP-run web servers. Web 2.0 (early 2000s) upgraded the read-only format to encompass both a read and write environment allowing users to interact with content. However, this environment became highly censored and centralised with permission requirements. Participation on multiple platforms meant that users were required to share personal information and data which could be exchanged or sold to other parties. Web 3.0 purports to remedy these issues by building an inclusive, secure, decentralised, permissionless, censorship-resistant and interoperable digital environment.

We cannot fully explore Web 3.0 here, but we highlight three developments beneficial for growing the Caribbean’s orange economy.

Smart Contracts

IPRs protect and promote creativity by allowing creators to earn recognition and financial benefit for their works. UNCTAD’s Deputy Secretary General, Isabelle Durant, found some developing countries lacked legal and regulatory frameworks and/or implementation capacity for systematic enforcement, collection and distribution of royalties. Another challenge is the applicability of traditional IP regimes in the digital realm.

Blockchain technology is a practical solution that can fill in the gaps that exist in traditional IP regimes with the use of smart contracts. Smarts contracts are self-executing contracts on the Blockchain network where the terms of agreement are structured by code and can be used for effective management or maintenance of patents, copyrights and trademarks. Non-fungible tokens (NFTs) are powered by smart contracts and are best understood as unique cryptographic digital tokens that are linked to creative goods like art, music and collectables. There are two practical considerations for NFTs in relation to intellectual property rights. The purchase of an NFT is the right to claim ownership for the NFT only. However, the author or creator of these digital assets owns the actual copyright to their work unless they decide to transfer ownership of the copyright to another party.

Examples of NFTs currently exist in the developing world and Barbados has a good illustration of how these assets can be distributed. Music artist, Shontelle Layne launched a project in 2021 using NFTs to directly connect with her fans. Her vision involved releasing music in the form of collectables via an online auction with the highest bidder receiving an NFT and special rights to her content. The owner of this unique NFT can redeem it for several exclusive items, including a cameo in the video for Shontelle’s song, “House Party” and his/her name included in the lyrics of another version to the song.

Asset Tokenization

The S4YE Coalition identified access to finance as a major impediment for entrepreneurs and MSMEs in the orange economy. The lack of tangible assets and weak IP frameworks to verify economic value of intangible assets, high uncertainty of market demand and a longer period for value generation, removes most traditional financing schemes from the reach of these entrepreneurs.

Asset tokenization is the process of fractionalizing ownership of physical assets through digital tokens. Security token offerings (STOs) are a means of asset tokenization combining blockchain technology with the regulatory approval of asset transferability in the securities market. This process provides support for the liquidity of assets whilst creating wider availability for finance. The tokenization of Orange Development Areas (ODAs) as geographical spaces which support economic and creative activities can attract domestic and international investment. ODAs are a perfect medium to assist entrepreneurs and MSMEs that seek to occupy spaces for the development and promotion of their goods and services. The inclusion of a governance protocol for the purpose of providing token holders with voting rights and setting parameters around various creative activities will add tremendous value. Additionally, tax benefits can be explored by the government to continuously attract investors. Ernst & Young cites some of the advantages of STO-based financing compared to traditional fundraising methods as the global reach to a digital distribution of tokens and quick realisation.

Metaverse

According to UNCTADStat, CARICOM recorded US$54million in exports of creative goods in 2015, accounting for 0.011% of global creative goods exports; the value of creative services exports are unknown. Greater efforts are needed to bolster the sector’s productive capacity, enhance their access to global markets and capture relevant data. Research found that creative MSMEs often lack resources and networks for marketing and building a brand in non-domestic markets where they face high entry barriers.

The metaverse represents a persistent virtual or augmented space which can be supported by blockchain technology and used to create a fair market environment. Although still in its infancy, the metaverse is open to any party interested in connecting or interacting in an inclusive environment for entertainment or enterprise purposes. A virtual world eliminates geographic constraints and reduces expenditures which exist in traditional channels for small islands to have an international presence. CARICOM member states can leverage the metaverse to establish a trade presence globally and display cultural and creative goods that are linked to real world assets. Privileges can be determined at a national level in relation to the real-world utility of these virtual assets outside of the metaverse. Barbados became the first sovereign nation to announce the development of an embassy in the Metaverse through an agreement with Decentraland. The aim of this strategic arrangement is to approach global diplomacy in a cost-effective way whilst building an efficient infrastructure to promote the island’s unique cultural aspects. In this form creative goods and services can be offered around the world without the traditional limitations of doing international business.

Concluding Thoughts

Emerging technologies offer solutions to several challenges even in areas beyond the orange economy. However, careful mitigation of risks and the development of an enabling environment will be key to unlocking the potential of Web 3.0 for the Caribbean and other developing regions. In our next piece, we address some of these risks and frameworks.

Mrs. Chelcee Brathwaite is a Trade Researcher at the Shridath Ramphal Centre for International Trade Law, Policy and Services, of the University of the West Indies’ Cave Hill Campus (Barbados) and Mr. Nikolai Layne is a Financial Strategist at Laissez Faire Associates.

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Pfizer significantly less effective in kids 5-11

© Getty Images

California, Washington and Oregon will end their school mask mandates after March 11, the states’ three governors jointly announced on Monday.

The announcement from three Democratic governors adds to a flurry of moves to lift mask mandates in schools and other mandates that remained for the broader public.

“We’ve continued to monitor data from our state Department of Health, and have determined we are able to adjust the timing of our statewide mask requirement,” Washington Gov. Jay Inslee (D) said in a statement.

“While this represents another step forward for Washingtonians, we must still be mindful that many within our communities remain vulnerable. Many businesses and families will continue choosing to wear masks, because we’ve learned how effective they are at keeping one another safe.”

The moves come after the Centers for Disease Control and Prevention on Friday issued long-awaited guidance saying that masks were no longer recommended for about 70 percent of the country where the COVID-19 risk is relatively low, including in schools.

Republicans in particular have attacked school mask mandates, and the issue has been increasingly controversial.

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CHARLESTOWN, NEVIS, February 28, 2022 (MMS-SKN) — As part of the Nevis Co-operative Credit Union (NCCU) Limited’s year-long celebratory activities being held to mark its 50^th anniversary, members of the 50^th Anniversary Monthly Care Packages sub-committee on Friday February 25 presented care packages to four of the institution’s longstanding members.

“We are celebrating fifty years of our operations and as we mark our 50^th anniversary, our aim is to give back to our members using various categories in our membership,” observed Member Services and Human Resource Manager, Ms Julet Chiverton.

The Charlestown-based credit union, which is the oldest in the Federation, was registered on July 25, 1972. According to Ms Chiverton, fifty care packages will be given out in the year-long give-back to its members exercise, at four care packages per month save for the anniversary month of July when six care packages will be distributed.

The first care package presented for the month of February on Friday 25^th was to longstanding member and retired school principal Mr Vincent Anthony Jones at the office by Credit Administration and Securities Officer Ms Earther Scarborough, who was assisted by Senior Operations Assistant Ms Ador’n Manners.

One of the Care Packages Sub-committee coordinators Administrative Assistant in the Administration and Human Resource Department Ms Tamara Johnson, led members Business Development and Marketing Officer Ms Jaedee Caines, Information Communication Technology Officer Mr Kenroy Warner, and Accounting Clerk Ms Antonia Nisbett to Rices Village in Gingerland where Mr Warner presented a care package to another longstanding member, Ms Jenipha Freeman.

On their return to Charlestown, they stopped at Stoney Grove where another longstanding member, Mr James Dyer was presented with his care package by Ms Antonia Nisbett. The drive ended at Craddock Road where Ms Tamara Johnson made a presentation to Mr Adolph Liburd who had joined the Charlestown Credit Union before it was renamed the Nevis Co-operative Credit Union Limited in 1972.

The four recipients thanked the Nevis Co-operative Credit Union Limited for the care packages presented to them, and one of them Mr Vincent Anthony Jones said: “I would like to take this opportunity to express my heartfelt gratitude to members, to the staff, and to management of the Nevis Co-operative Credit Union.”

He advised the staff to continue being friendly and efficient as in doing so the institution would attract more members and he prayed that in the next fifty years the Nevis Co-operative Credit Union Limited will be one to watch. He added: “I trust and hope that I will continue to be as good as I am, and I hope that management will continue to put structures in place to continue to improve this institution.”

Other members of the 50^th Anniversary Care Packages Sub-committee are the other coordinator Ms Patulia Huggins, General Manager’s Executive Officer, along with Senior Accountant Mrs Jacqueline Maynard-Liburd, Credit Control and Recoveries Officer Ms Candice Pinney, Administrative Assistant Mrs Erica Mills, and Internal Audit Assistant Ms Bethia Pogson.

According to Member Services and Human Resource Manager, Ms Julet Chiverton, care packages for the month of January were presented to pioneers of the Nevis Co-operative Credit Union Limited. In the coming months other categories will also include the first staff, and members of the clergy who are longstanding members of the Credit Union.

“In January we gave to pioneers,” said Ms Chiverton. “We gave back to our very first member, Mr Y. Fitzroy Williams of Hamilton Estate, and two other pioneers Ms Jeannette Grell-Hull of Budgeon Estate, and Mrs Jannette Claxton of Marian Avenue. Mrs Ruth Thompson of Brown Hill, the fourth recipient, is not exactly a pioneer, but is one of our elderly members.”

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Basseterre, St. Kitts, February 27, 2022 (RSCNPF): The Police are investigating an incident at the ferry terminal in Basseterre after responding to a report that a man had drowned.

The Police received the report close to 4 p.m. on Saturday, February 26, 2022. Enquiries so far have revealed that 50-year-old Kenneth Percival of McKnight dived into the sea from the pier at the ferry terminal to retrieve the propeller of a motor vessel that had fallen off. When he did not resurface, the St. Kitts and Nevis Coast Guard was called to assist. An Officer from the Coast Guard discovered Percival’s motionless body at the bottom of the sea.

Personnel from the Forensic Department visited and processed the scene.

Persons with information about this incident are asked to contact the Criminal Investigation Department at 465-2241, their nearest Police Station or call the crime hotline at 707. Investigations into the matter are ongoing.

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By Ian Swanson

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NIA CHARLESTOWN NEVIS — The Ministry of Education on Nevis was presented with a cheque of $43,200 from the Dr. Lornette Mills Charitable Foundation, a donation which sponsors 48 students in the School Meals Programme.

Ms. Zahnela Claxton, Principal Education Officer in the Department of Education, responding to the donation from the foundation through its representative Mr. Carlisle Powell, expressed gratitude for the gift, at the handing over ceremony at the Jessups Community Centre on February 24, 2022.

“On behalf of the Ministry and Department of Education I want to extend our profound thanks to the Dr. Lornette Mills Charitable Foundation and of course the representative here today Mr. Carlisle Powell.

“I want to reiterate that this foundation and this programme has been sponsoring 48 students this school year from nine schools and the sponsorship amount is in the total of $43,200., and I think that this is no small feat. That is an excellent contribution, and we want to extend our heartfelt thanks to the foundation and specifically to Dr. Lornette Mills,” she said.

The foundation has been making donations to the department for students’ meals for many years. Ms. Claxton described the donation as an important one, citing that it is always good when persons who are able to contribute to the nation building process do so, even when they have migrated.

While presenting the cheque, Mr. Powell spoke of the foundation’s gift to Dr. Mills’ homeland.

“For almost 10 years the Dr. Lornette Mills Charitable Foundation has donated a significant amount of money to sponsor the Schools Meals Programme, and she does this because of her love for Nevis, her love for young people, and her desire for young people to be given every opportunity to excel,” he said.

Mr. Powell explained that the gift covers 48 students in nine schools – seven primary and two secondary schools.

He also explained why Dr. Mills continues to give back to her country.

“While the foundation continues to partner with the Nevis Association of South Florida, 100 percent of the funds provided are from the resources of Dr. Lornette Mills. What is truly remarkable is that the Dr. Lornette Mills Charitable Foundation does not seek donations.

“The first paragraph of the mission statement for the foundation clearly says why Lornette continues to do this, and the first sentence says: ‘To provide assistance to Nevisians at home and in the diaspora and to facilitate the pursuit of education and development of our children especially those in need.’ For the record, the foundation also sponsors the island wide school quiz competition,” he said.

The foundation’s representative also gave some insight into Dr. Mills background noting that she is from Hanley’s Road in Gingerland.

According to Mr. Powell, in her formative years she attended the Gingerland Primary School now the Joycelyn Liburd Primary School and on her graduation attended the Gingerland Secondary School.=

She left Nevis at age 15 to join her mother and the rest of her siblings in the United States of America but Nevis continues to be a part of her. She has a home on the island and returns on vacation as often as she can.

He said Dr. Mills always knew she wanted to become a doctor, and so in 1989 she graduated from the New York University with a bachelor of science degree. Four years later she graduated from the School of Medicine and Biomedical Sciences at Buffalo with her medical degree.

In 1996 she completed her residency in internal medicine at the George Washington University Hospital, and in 1999 she completed the Gastroenterologist Fellowship from the State University of New York Downstate.

Regarding her employment, Mr. Powell said over the years she has not had many bosses. Dr. Mills was a gastroenterologist at Calvert Internal Medicine. She became the first female gastroenterologist in Southern Maryland.

From 2002 to present she is the owner and president of Gastrointestinal Associates of Maryland (GIA), and from 2001 to present she is the owner, president, chief medical director of Walldorf Endoscopy Center (WEC).

Mr. Powell said the foundation is delighted to assist the youth of Nevis. He used the opportunity to thank Mr. Rico Clarke who manages the fund.

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Jamaican-born American Dr Susan M Collins

by Desmond Allen

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