NEC Argentina has signed a 4-year agreement with NGO Bitcoin Argentina (non-government organization) and the Innovation Laboratory of the Inter-American Development Bank Group (the IDB Lab) to develop and launch a blockchain-related identity project. The purpose of the cooperation is to improve access to a variety of goods and services for the residents of the neighborhoods that face economic hardship. The project is first to be deployed in Buenos Aires, Barrio 31 before moving to other low-income areas. Barrio 31 is considered one of the poorest neighborhoods in Buenos Aires.
According to government data, around 16% of the Buenos Aires residents live below the poverty line. Low income is, in turn, more often then not means higher costs to access goods and services, especially if we talk about the financial sector. This so-called “poverty penalty” often occurs due to lack of paperwork, documents and other forms of identification amongst people with low income.
Development of Blockchain-based ID project in Argentina
The use of blockchain technology will allow the three above mentioned companies to create and store secure records of people’s identities, as well as provide a digital wallet to unbanked individuals so they can make payments, while their transaction history will be saved for future reference.
NGO Bitcoin Argentina will monitor the project’s execution and is reportedly receiving financial support from IDB Lab, Accenture, and IOV Labs. NEC Argentina, on the other hand, will provide technological solution and contribute to the development of the actual digital identity solution, as well as its integration into public and private third-party projects.
In a statement, Erika Molina, Project Team Leader at IDB Lab, said: “By consolidating trustworthy, accessible, and relevant digital identities, the project ultimately aims to increase access to goods and services for the residents of vulnerable neighborhoods.”.
How Is the XRP Lawsuit Going And How Investors Make More Money on the Recent Fluctuation of XRP Prices?
XRP Holders are Seeking intervention in the SEC’s Lawsuit Against Ripple
New Report Says Ripple Is A Potential Competitor To Indian Traditional Banking System
A Major US News Magazine is Now Accepting Crypto for Subscriptions
Ripple’s Partner SBI Offers Clients Bonus In XRP If They Participate In Company’s STO
Recent Press Release
The Best NFT & DeFi Project Token Sale, TimeCoin(TMCN)
The best opportunity to invest in TimeCoin(TMCN) to realize both capital and income gain. The Special Token Sale of TimeCoin...
Place 1xBit bet BTC and Win
cryptocurrency is very much valued in the modern world, because it allows fast and secure transactions in different parts of...
Hips Payment Group Launches Merchant Token (MTO), a Cryptocurrency That Will Bring Consumer Protection to Blockchain Payments
Solution supports decentralized finance (DeFi) trend with consumer protection via smart contracts. DUBLIN, Ireland (April 1, 2021) – HIPS Payment...
Best 5 Crypto Social Trading Platforms
Over the past few years, technology has brought about drastic changes in how people approach the subject of investment. As...
TimeCoin (TMCN) Special Token Sale is Live Join Now!
The Special Token Sale of TimeCoin (TMCN) was launched on February 15th, 2021, with a 93% discount on the token’s...