The Impact and Potential of the Use of Blockchain Technology for Inclusion
03/05/2022
Blockchain is a Distributed Ledger Technology (DLT). DLT refers to a combination of technologies that enable the creation of secure synchronization of shared files that are continuously updated by recording transactions verified by their participants, tamper-proof and therefore immutable, transparent and integral.
Blockchain Technology, Current Application and Transformative Impact
- Blockchain technology has extraordinary potential. Some of its multiple uses include enabling access to financial and non-financial services, providing digital identity and ensuring ownership of their own data to vulnerable populations excluded from the formal system.
- Blockchain is one of the emerging technologies with the greatest potential for market transformation and social impact due to its ability to make markets for the provision of goods and services more efficient. In addition, it guarantees greater transparency in the recording of transactions.
- Some areas of blockchain use with high social impact include agricultural traceability, academic certification, property records, medical records or professional certifications, to name a few.
The Potential of LACNet
LACNet emerges as a neutral entity, attached to the governance of the Internet itself and as a non-profit, with the objective of orchestrating LACChain blockchain networks, seeking to add high impact projects in the inclusion of vulnerable populations and in the reduction of inequalities.
LACNet, as part of La Casa de Internet de Latinoamérica y el Caribe, allows organizations, governments and companies to join with their projects to a neutral network, through the power of blockchain, giving them the guarantees and the level of service that these entities require.
Projects can be deployed on the blockchain networks orchestrated by LACNet in order to contribute to concrete solutions such as:
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- Promoting financial inclusion.
- Facilitating digitalization in vulnerable sectors.
- Securing and certifying property rights.
- Providing traceability and security to conditional transfers.
- Developing the capacity to respond to gender-based violence.
- Issuing academic and employability certificates.
- Supporting vaccination traceability.
For specific use cases consult: https://lacnet.lacchain.net/lacnet-soluciones/
Participation in the Frida 2022 Program as Jury
LACNet seeks to encourage the adoption of blockchain technology in the region, so that more projects and solutions can be deployed and become more successful by making use of the benefits it brings.
The views expressed by the authors of this blog are their own and do not necessarily reflect the views of LACNIC.