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The LACChain chairman spoke about support for the IDB in the region during the Latam 2020 Summit

November 5, 2020

Since November 2nd, the Blockchain Summit Latam 2020 has evolved virtually, leaving space for various topics related to the blockchain ecosystem and everything that includes these disruptive technologies.

As part of the agenda, the topic of supporting the IDB (Inter-American Development Bank Innovation Lab) in the region was addressed: the LACChain networks and the SSI layer. Led by Marcos Allende López, technology leader of LACChain, the global alliance for the development of the blockchain ecosystem in Latin America and the Caribbean.

Sovereign Identity (SSI) is a term used to describe the digital movement that recognizes that a person must own and control their identity without any intervention by the administration of authorities. With SSI, people can interact in the digital world with the same freedom and trustworthiness as they do in the real world.

The LACChain chairman spoke about support for the IDB in the region during the Latam 2020 Summit
The LACChain chairman spoke about support for the IDB in the region during the Latam 2020 Summit

However, during the presentation, López stated that the overall vision of a sovereign identity is based on personal portable devices that can be used to securely store and manage all private keys, authentications, digital tokens and credentials and in some way easy to use.

These repositories are known as digital wallets and the first implementations are already available. For example, there are certain mobile applications that can be downloaded from the application store onto our smartphone and that already have these functions. In these apps we can view all of our digital tokens and digital credentials, and you can decide when to use them and showcase them to others.

Blockchain technology and SSI are natural additions that form the perfect symbiosis. SSI solutions require centralized and immutable records of information to store proof of ownership for identifiers and digital credentials.

From LACChain they work to build the Internet of Value

Meanwhile, during his speech at the virtual event, LACChain’s technology leader said that they are working to build the Internet of Value. Make sure blockchain technology “Enables the creation of digital assets”. On the other hand, he also emphasized that they are currently supporting projects in the Caribbean to issue academic certificates. So as implementation projects in agriculture; bonds (a $ 10 million bond) among others.

For his part, López also stated that: “Today we still have more than 10,000 blockchain networks in the world “, make sure this is not enough to keep track of the use cases. So he stated that they wanted to combine both open and private networks to run “real projects”. Finally, he highlighted the work of the Global Alliance for the Development of the Blockchain Ecosystem in Latin America and the United States Caribe is funded by the Inter-American Development Bank’s innovation laboratory.

Blockchain Summit Latam

The Blockchain Summit Latam is a conference bringing together entrepreneurs, developers, corporations, institutions, regulators and blockchain technology enthusiasts from Latin America and around the world to develop this technology in the region and bring together the new internet of value and Trust.

It brings together great Latin American and global references that allow us to observe and understand the current regional scenario and future, taking into account Latin America’s potential for blockchain and cryptoactives adoption. This year, due to the coronavirus pandemic, it was held virtually with more than 50 speakers from Europe, Asia and America.

What started on November 2nd ends today with a series of interesting conferences all about the blockchain and crypto ecosystem.