Cross-border blockchain can transform LATAM economies
This post can be found at Fast Company, and it assesses the potential for transforming LATAM economies through improved payments, supported by blockchain technology and common digital currencies for cross-border payments, enabling greater participation across the breadth of businesses in the region. This is an ongoing topic around the world, as many readers of these pages will know. The only real question now is where, when and how.
“For many business owners who export products, it is difficult to entertain the idea of having to wait weeks to be paid. But that is the situation for entrepreneurs in Latin America. “It comes down to cash flow, and there is a lot of uncertainty. You can not be transparent about where your money is and how long it will take to get paid, so it is a case of waiting and seeing for the business owner, “explained Gilbert Verdian, founder and CEO of Quant Network …
According to Deloitte, a complete structural transformation of the LATAM economy is needed to drive growth. The World Bank says there is “enormous potential” in renewable electricity, but the biggest transformation may come from accelerated digitization, which could create job opportunities and increase financial services in the region. Verdian wants to be part of this transformation, and it seems certain that blockchain – the revolutionary technology behind digital currencies that promise to automate transactions and transform industries – will play a key role. ‘
There are all kinds of initiatives underway in different global regions to improve intraregional participation through better economic processes. This has been encouraged by the World Bank and the BIS, and a number of private initiatives with expansion potential have already been launched. The group mentioned in this post is LACChain, which is a global alliance integrated by various actors in the blockchain environment and led by the Innovation Laboratory of the Inter-American Development Bank Group (IDB LAB) for the development of the blockchain ecosystem in Latin America and the Caribbean. Readers can link through the article to both English and Spanish versions of their security. So progress is being made.
“It’s been more than a year since we started an ambitious line of work with Quant to enable a solution for tokenized money on LACChain,” said Marcos Allende Lopez, Technical Manager at LACChain. “As a committed partner, they have brought exceptional expertise and technical prowess to the project.” …
Quant’s work with LACChain to support interoperability and ensure smart contract creation enables a range of utility cases to help communities build the digital infrastructure of the future sustainably. “That’s when local businesses and residents can actually start shopping, and they want to have the wallet on their smartphones and be able to use LACChain like any other app,” says Verdian …
As if connecting 12 countries is not enough, Verdian and LACChain have a bigger vision, where LACChain will be able to connect to other regional DLT ecosystems in America, Europe, Asia and Africa. “We are already seeing the beginnings of regional trade networks,” he says, but Quant wants to see a time when all these closed ecosystems are connected in one large global trade network …
“Although blockchain technology is still in its infancy, as more companies, institutions and governments embrace it, the potential can be fully realized.”
