Blockchain and its Power to Impact on Inclusion
• Blockchain technology has extraordinary potential to give access to financial and non-financial services, provide digital identity and ensure ownership of its data to vulnerable populations excluded from the formal system.
• Blockchain is one of the emerging technologies with the extraordinary potential for market transformation and social impact due to its ability to make markets more efficient for providing goods and services. In addition, it ensures greater transparency and inalterability in the transaction log.
• Some areas of blockchain use with high social impact include agricultural traceability, green certification, property records, medical history, or professional certifications, to name a few.
• In this sense, the LACChain Alliance emerged as an IDB Lab initiative in 2019, being the Global Alliance in which more than 50 allies participate, contributing to the development of the blockchain ecosystem in Latin America and the Caribbean.
• With this partnership, it is expected that the benefits of this technology reach the most underserved populations throughout the region.
• LACChain’s objective is to accelerate the use and development of applications with an impact on social, economic, and financial inclusion through infrastructure for the region that allows recovery and sustainable economic growth in Latin America and the Caribbean.
• The above, through providing knowledge at the service of the different initiatives emerging in the countries for the development of national ecosystems in the region, providing technical advice, market stimuli, and analysis of impact data as revulsive for the democratization of the use of this technology.
• Today, LACChain has more than 50 projects distributed in 10 different sectors throughout 15 countries in the region. Registering a total of + 1M people benefited and +10,000 companies.
• LACChain’s value proposition includes the presence of international consortiums, the analysis of data on impacts, the enabling of technological infrastructure, and a marketplace or application market.
• LACChain currently has more than 600 entities interested in deploying nodes on the network, 65 entities running nodes, 34 projects with impact on inclusion, and nine countries developing an ecosystem.
• Our infrastructure has been recognized since 2019 by the ITU (The United Nations specialized body for standard-setting) as one of the fourteen reference architectures currently available.
• LACChain is a permissioned public blockchain network; public, decentralized, transparent, not based on cryptocurrencies, not anonymous (so it is adjustable), and that provides privacy.
• LACChain enables the “Internet of value” through its infrastructure based on the internet itself. LACChain allows the management of information in an immutable way and incorporates an “intelligent” layer, through smart contracts, which enables the creation and transfer of all types of digital assets such as certification and the exchange of data and information securely and reliably.
Presented by Alejandro Pardo, IDB Lab.