8.2 C
New York
Monday, April 12, 2021
Home CryptoCurrency Alliance between IDB and EOS will support the development of blockchain projects...

Alliance between IDB and EOS will support the development of blockchain projects in Latin America

Block.one, developer of the EOSIO platform, established an alliance with LACChain, the innovation laboratory of the Inter-American Development Bank Group (IDB Lab) with the purpose of accelerating the development of an open and interoperable blockchain ecosystem in Latin America and the Caribbean.

According to the statement published this February 25, Block.one will contribute its technical experience to empower entrepreneurs and governments of Latin American countries through existing infrastructure providers in the region. They refer specifically to EOS Costa Rica and EOS Argentina, where some organizations use EOSIO to improve economies, supply chains and infrastructure.

“In this technical advisory role, we hope to help LACChain to drive adoption and awareness of the EOSIO platform through educational programs, deeper technical collaboration and community engagement initiatives, “said Bart Wyatt, vice president of blockchain engineering at Block.one.

In this sense, the co-founder of EOS Costa Rica, Edgar Fernández, assured that Latin America has been providing a solid and reliable infrastructure for blockchains during the last 6 years.

“We hope to accelerate the adoption of blockchain by combining our specialized regional experience with the innovation and broad reach of the IDB’s Block.one,” Fernández said.

For his part, the leader of LACChain and Spec Principal representative at BID Lab, Alejandro Pardo, commented that the concern of this organization is to guarantee the performance, usability and construction of the technological infrastructure necessary to support further development of applications with an impact on the inclusion of the communities in Latin America where they operate.

“LACChain is a techno-legal framework that allows the business use of blockchain with a transformative impact, not only as a simple protocol new ”, added Pardo.

As reported by CriptoNoticias, the LACChain platform was created at the end of 2018 with the participation of companies that have been using this technology in the region. In it, the IDB works hand in hand with IBM, MIT Media Lab, Ethereum Foundation, Consensys, RSK, Hyperledger, and multilateral consortia such as Enterprise Ethereum Alliance (EEA) and the Spanish Alastria.

In an attempt to advance in the implementation of solutions for urgent problems of the Latin American public sector, they have already established previous partnerships and collaborations, as stated in the recent publication. This has led to the LACChain ecosystem currently having 40 partners in 12 Latin American countries .

LACChain currently has two blockchain networks that apply the LACChain framework: LACChain Consensys Quorum Network (also known as Besu) and LACChain EOSIO Network. The two add a total of 78 nodes that have generated more than 21 million blocks and that are being used in 24 projects in different phases of deployment, receiving an average of 12,000 daily transactions during January 2021.

LACChain

With the above infrastructure, added to the EOS projects in the region, it is estimated that the agency can help more Latin American countries to implement solutions for problems related to economic instability, lack of identification for migrants, unbanking, and corruption or irresponsibility in the industrial sector.

Blockchain projects in progress in Latin America

Among the projects with blockchain that could be enhanced by the alliance between LACChain and Block. one highlights three of those that are already ahead in the region. The following are cited:

  • ioCash and Peru Shopping , for cross-border payments with pegged currencies. In progress since 2019, this project is focused on the sector of decentralized platforms (DeFi) and tokenized fiat money. It is a cross-border payment initiative that uses stablecoins to deploy emergency funds anywhere in Latin America, instantly, free and locally redeemable.
  • Blockcerts Caribe , a project that is part of the field of digital identity. It is a real-time digital academic diploma verification system, which will be implemented in Jamaica, Barbados, Trinidad and Tobago and other 13 Caribbean countries.
  • CADENA , a blockchain solution to improve cross-border data exchange between customs administrations. The blockchain solution works in Chile, Colombia, Costa Rica, Mexico, Peru, Bolivia, Guatemala and Ecuador.

Follow World Weekly News on

Sandra Loyd
Sandra Loyd
Sandra is the Reporter working for World Weekly News. She loves to learn about the latest news from all around the world and share it with our readers.

Leave a Reply

Must Read