LACChain leader talks about IDB support in the region during the 2020 Latin American Summit

Marcos Allende López, technology leader of LACChain, spoke about the IDB’s support in the region during the 2020 Latin American Summit.

Since November 2nd, the Blockchain Summit Latam 2020 has been developed, in a virtual way, and has given space to different topics related to the Blockchain ecosystem and everything that these disruptive technologies include.

Within the agenda, the support of the IDB (innovation laboratory of the Inter-American Development Bank) in the region was addressed: the LACChain networks and the ISS 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 recognises that an individual must own and control his or her Bitcoin Code identity without the intervention of government authorities. ISS allows people to interact in the digital world with the same freedom and confidence as they do in the real world.

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However, during the presentation, López explained that the general vision of sovereign identity is based on personal portable devices that can be used to store and manage all private keys, authentication, digital tokens and credentials in a secure and user-friendly manner.

These repositories are called digital wallets, and the first implementations are already available. For example, there are specific mobile applications that can be downloaded to our smartphone from the application shop that already have these functionalities. In these applications, we can see all our digital tokens and digital credentials, and you can decide when to use them and present them to others.

Blockchain and SSI technology are natural complements, making the perfect symbiosis. SSI solutions need centralized and immutable information records to be able to store proof of ownership of digital identifiers and credentials.

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From LACChain they work for the construction of the internet of value
Meanwhile, the technological leader of LACChain said during his speech during the virtual event that they are working to build the Internet of value. Assuring that the Blockchain technology „allows the creation of digital assets“. On the other hand, he also highlighted that they are currently supporting projects in the Caribbean to issue academic credentials. Thus, as implementation projects in agriculture; bonds (a 10 million dollar bond), among others.

For his part, López also said that: „Today we still have more than 10 thousand blockchain networks in the world,“ assuring that this is not enough for the cases of use that are being pursued. For this reason, he specified that what they proposed to do was to combine both open and private networks in order to carry out „real projects“. Finally, he highlighted the work of the global alliance for the development of the Blockchain ecosystem in Latin America and the Caribbean, promoted by the innovation laboratory of the Inter-American Development Bank.

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Blockchain Summit Latam
The Blockchain Summit Latam is a conference that brings together entrepreneurs, developers, companies, institutions, regulators and enthusiasts of Blockchain technology from Latin America and the world around the development and adoption of this technology in the region, with the purpose of building together the new internet of value and trust.

It brings together major Latin American and global references, which allows us to observe and understand the current regional scenario and what the future might hold, based on Latin America’s potential for the adoption of Blockchain and Cryptoactives. During this year, due to the Coronavirus pandemic, it has been done virtually, with more than 50 speakers from Europe, Asia and America.

What started last November 2nd, ends today, with a series of interesting conferences about the Blockchain and crypto ecosystem.