Tech Report: Blockchain

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Sep 2023
The IDB Group has embraced and promoted the adoption of blockchain technology in the region. In order to develop the blockchain ecosystem in Latin America and the Caribbean, IDB Lab and IDBs Technology department founded LACChain in 2019, a global alliance between stakeholders from the public and private sectors to create an enterprise and government grade blockchain infrastructure suitable for real life solutions.

Some of the most relevant applications for the public and private sectors include transparency in procurement processes, transparency and verification of supply chains, health certificates, academic diplomas, and digital assets.

Across the world, institutions and organizations are taking advantage of blockchain technology to move forward their business and development goals. These include the Ministry of Labor in Peru creating a system for the verification of graduate certificates called Certijoven; Climate Trade a company that aims to empower large-scale decarbonization, created a system to track the offsetting of carbon emissions in Bolivia, and Colombias financial superintendency and central bank approved the issuance of the first blockchain-based bond in the LAC region.