On February 25, 2021, LACChain announced that Block.one had joined the alliance. LACChain is a global alliance led by the innovation lab of the Inter-American Development Bank Group (IDB). It is designed to accelerate the development of an open and interoperable blockchain ecosystem.
Block.one, which is the developer of EOSIO, will be a strategic partner in the provision of technical expertise, supported by existing infrastructure providers, including EOS Argentina, EOS Costa Rica, and EOS Venezuela. The goal is to empower local governments and entrepreneurs using EOSIO to improve supply chains, economies, and infrastructure.
Since it was founded, the LACChain Global Alliance has signed numerous partnerships and collaborations. Today, it is an alliance of over 40 partnerships in 12 nations in Latin America and the Caribbean. Every week, the alliance gets new members.
LACChain currently has two blockchain networks, which apply the LACChain framework. These are the LACChain EOSIO Network and the LACChain Consensus Quorum Network. Thus far, 78 nodes have generated over 21 million blocks, which are being used in 24 projects. These projects include blockchains that received an average of 12,000 transactions per day in January of this year.
The LACChain ecosystem targets pressing issues in the public sector such as 50-70% of the unbanked population, economic instability, lack of formal IDs for migrants, corruption, and lack of accountability in various sectors. Some of the projects being developed are:
Tokenized Fiat Money and DeFi
ioCash and Peru Compras facilitate transactions. Additionally, a cross-border payment system involves the IDB. It relies on stablecoins to deploy emergency funds to all parts of Latin America.
A real-time digital academic diploma verification system will be implemented by Blockcerts Caribe in Barbados, Trinidad and Tobago, Jamaica, and 13 other nations in the Caribbean.
There is a blockchain solution called CADENA that is built to improve the cross-border exchange of data between customs administrations in Colombia, Chile, Peru, Bolivia, Ecuador, Guatemala, Mexico, and Costa Rica.
What The Leaders Had To Say
According to Alejandro Pardo, the LACChain and IDB lab Principal Specialist, the LACChain is a techno-legal framework that enables blockchain adoption by enterprises in a transformative manner. According to Pardo, it is not just a new protocol. He added,
“We care about performance, usability, and building the technology infrastructure to support further development of applications with impact on inclusion by our communities.”
Bart Wyatt, the VP of Blockchain Engineering at Block.one also commented on the development. He said that their goal at Block.one was to change how the world works to ensure that it is more transparent, efficient, and trustworthy. Wyatt added that it was the reason they were excited to join the LACChain Alliance. According to Bart Wyatt, they were looking forward to helping the alliance drive adoption and awareness of the EOSIO platform via educational programs, community engagement initiatives, and deeper technical collaboration.
According to Edgar Fernandez, the cofounder of EOS Costa Rica,
“We’ve been providing robust, reliable infrastructure for blockchains for the last 6 years from Latin America, and we’re excited to see how we can accelerate blockchain adoption when we combine our specialized regional expertise to Block.one’s innovation and the broad reach of the IDB.”
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