Representatives of IDB Lab, the innovation laboratory of the Inter-American Development Bank (IDB) Group, together with representatives of the world’s leading technology and consulting companies, allied for the launch of LACChain, a platform to promote the use of Blockchain in Latin America and the Caribbean.
LACChain seeks to promote the proliferation of the use of Blockchain as a transactional platform among the main companies in the country, ensuring that their benefits contribute to the transformation of the region. This alliance is formed by the Alastria Consortium, Consensys, everis, NTT Data, Enterprise Ethereum Alliance, RSK and soon would be incorporated Ethereum Foundation, Hyperledger, the MIT Media Lab, among other entities. LACChain was born with the objective of developing an inclusive, efficient and safe Blockchain ecosystem for all.
“Blockchain technology has an extraordinary potential to provide access to financial and non-financial services, provide digital identity and ensure ownership of their own data to vulnerable populations excluded from the formal system,” said Irene Arias, manager of BID Lab. ” However, this does not mean that the enabling environment of the technology, its ecosystem, is ready and available to everyone, so together with our international partners we have decided to implement this Global Knowledge Alliance for the Development of the Blockchain Ecosystem in Latin America and the Caribbean (LACChain) “.
In this regard, Carlos González, partner of everis, commented “Blockchain currently provides security to the transactions between the parties without the need for intermediaries or guarantors of the transaction, the current use cases are built from the digital identity that guarantees the exchanges of assets or payments and the possibility of executing intelligent contracts that guarantee the fulfillment of agreements “.
The objective of LACChain is to provide knowledge at the service of the different initiatives that are emerging in the countries for the development of national ecosystems in the region, providing technological advice, market stimuli and analysis of impact data as revulsives for the democratization of the use of this technology.
Because of its ability to make markets more efficient for the provision of goods and services, the guarantee of transparency and inalterability in the registration of transactions to end users and the empowerment of those with sovereign identity, the Blockchain technology has gained consideration as one of those with greater expected effect of market transformation and social impact. Some cases of use with high social impact based on Blockchain include financial inclusion, agricultural traceability, green certification, social transfers, property records, medical history, or professional certification, to name a few.
“With this initiative we hope to materialize the dream of having a large Pan-American Blockchain common, interoperable and open space, that will make Blockchain accessible to all citizens and for those of us who work for a prosperous fury with inclusion in Latin America and the Caribbean, “said Irene Arias.
For his part, Carlos Gonzalez added: “The initiative comes with a proven success in other countries and we believe that facilitating the relationship between public and private companies, social organizations, universities, etc., through a technology of the future and that brings benefits of speed, guarantee and efficiency, is an important step for the digital transformation of Mexico “.
LACChain is an initiative led by IDB Lab, the innovation laboratory of the IDB Group formerly known as the MIF – Multilateral Investment Fund.