IT consulting provider Tata Consultancy Services (TCS) has partnered with LACChain to develop a digital marketplace across Latin America and the Caribbean for blockchain solutions relating to healthcare, energy, education, and financial services.
LACChain is an enterprise blockchain consortium backed by the Inter-American Development Bank (IDB) that is developing a public permissioned network targeting Latin America and the Caribbean. It was launched in 2018 to enhance the social impact potential of blockchain-based solutions. The alliance currently operates a cross border payment project that completed a proof of concept with Citi Innovation Lab earlier this year and has five other projects in the works.
The new partnership with TCS will develop solutions to address critical matters in healthcare such as decentralized vaccination distribution platforms and “immunity passports”. For digital identity, the initiative is looking to promote blockchain-based collaborations between companies and academics to foster a skills marketplace.
As for the financial services industry, the solutions to be developed are looking to offer faster settlements and enable financial inclusion, although it hasn’t been stated how that will be approached.
LACChain will work on developing the solutions on its decentralized network and TCS will be responsible for developing the digital marketplace, which is to be easily accessible to all citizens across the region. Another aim is to drive the adoption of renewable energy. Given the network is permissioned, it does not use energy-hungry Proof of Work like Bitcoin and public Ethereum.
The concept of developing a marketplace as a one-stop-shop for various blockchain solutions in various fields can accelerate adoption rates in the region. When looking for a particular solution, a company will also be exposed to other initiatives in the marketplace. This might generate further interest in the solutions and lead people to adopt more initiatives.
“Our purpose-led approach, powered by our investments in research and innovation, ability to successfully leverage ecosystems and harness contextual knowledge, makes us the preferred partner to Inter-American Development Bank, in creating a positive impact in our society,” said TCS’s Head of business banking and financial services Anupam Singhal. “The partnership serves a greater purpose of social and economic development in the region.”
Meanwhile, besides TCS, LACChain has 41 partners across 58 countries contributing to blockchain applications for societal improvement. Among them are NTT Data, Block.one, Consensys, and the World Bank Group. Other similar initiatives include Spain’s Alastria, the European Commission’s European Blockchain Services Infrastructure, and China’s Blockchain Service Network, which offers low-cost access to various blockchains.