By providing secure and seamless interoperability, Quant will support LACChain in driving the growth and development of the DLT ecosystem in Latin America and the Caribbean, and enable the interconnection of this ecosystem with other regional and national Distributed Ledger Networks (DLNs).
Quant and LACChain, a global alliance led by the IDB Lab, the innovation laboratory of the Inter-American Development Bank (IDB) Group, have agreed a partnership with the aim of further developing DLT-based ecosystems in Latin America and the Caribbean. Initially, Quant and LACChain will work together to maximise economic and social inclusion, by:
- Providing interoperability capabilities for LACChain to other DLTs supported by Quant’s unique Overledger technology.
- Providing Overledger’s gateway capability for LACChain participants to integrate with resources and DLNs across the Overledger Network.
- Enabling multi-DLT payments and other capabilities through Quant’s patent-pending multi-DLT token technology.
LACChain is a consortium of Latin American and Caribbean actors which operates a public permissioned DLT that spans the LAC region, and provides a governance and membership framework that respects the sovereignty of individual countries, while providing a state of the art technology platform across the region. The ultimate goal of the consortium is to accelerate the development of a seamless regional DLT-based ecosystem with the potential to fully realise the many economic and social inclusion benefits that the technology can offer.
However, although there are many individual DLT networks currently in use, these networks do not meet the requirements, such as scalability, governance and transparency, for many different use cases. LACChain’s mission is to address these limitations to deliver an infrastructure of free, interoperable and regulated blockchain networks, on which to develop applications with high social impact.
The partnership between LACChain and Quant will facilitate this development. By integrating LACChain technology with Quant’s unique Overledger technology, LACChain and Quant, together with established banking partners, are creating a new, fast cross-border payments systems for the region, using tokenised currency. By flexibly tokenising money, using Quant’s (patent-pending) multi-DLT token technology, the LACChain DLN will power a range of new solutions, from transferring money between private individuals to government and corporate payments, as well as many other future LACChain use cases.
One immediate benefit of this breakthrough will be a revolution in remittances and financial inclusion. Where, currently, cross-border banking services for people such as migrant workers or farmers, are hard to access and unreliable, the LACChain solution, supported by Overledger, will allow foreign and/or local currency to be transferred in a simple but secure manner, with affordable transaction costs. The system has the potential to be expanded to the large-volume market of the unbanked, or others currently excluded from the financial system.
But this is far from the only high social impact application of the LACChain/Quant solution. Others include the ability to make welfare payments in cash, digital identity, certification of professional skills for employment, the incorporation of small producers into agricultural value chains supported by traceability systems, and faster, more targeted access to health services.
This, however, is the first element of a roadmap, which will ultimately lead to the interconnection of regional DLT ecosystems, such as those in Europe, China and Latin America, to provide the first global infrastructure, which allows the fast, easy development of multidisciplinary DLT applications.
“The signing of this MoU between LACChain and Quant Network is a key element in the development of the infrastructure in terms of interoperability,” said LACChain Leader, Alejandro Pardo Vegezzi. “It represents not only the opportunity for technical collaboration, but also represents a joint contribution effort to develop the blockchain ecosystem in Latin America and the Caribbean.”
“This partnership between Quant Network and LACChain is extremely exciting,” said Gilbert Verdian, CEO, Quant Network. “Our technology has the potential to contribute to social and economic advancement in many ways, and LACChain’s mission of reducing inequality and empowering people is a perfect example of how this potential can be realised. We’re delighted to be working together to help create a more inclusive society.”
About LACChain & IDB Lab:
The IDB Group is the leading source of development finance for Latin America and the Caribbean. It helps to improve lives by providing financial solutions and development expertise to public – and private – sector clients. The Group comprises the IDB, which has worked with governments for more than 60 years; IDB Invest, which serves the private sector; and IDB Lab, which tests innovative ways to enable more inclusive growth.
LACChain is a global alliance made up of 41 allies from the blockchain environment led by the innovation laboratory of the Inter-American Development Bank Group with the purpose of accelerating the development of the blockchain ecosystem in the Latin American and Caribbean region.
The alliance is already supporting public-private partnerships and blockchain-based solutions in a total of 12 countries.
We already host 26 projects on the LACChain blockchain, 89 nodes, 45 entities running nodes, and more than 20M blocks.