Quant will help LACChain strengthen the DLT ecosystem in Latin America and the Caribbean. Thus, enabling secure and smooth interoperability with other regional and national Distributed Ledger Networks (DLNs).
Quant and LACChain are a worldwide alliance, coordinated by IDB Lab, the Inter-American Development Bank (IDB) Group’s innovation laboratory. Additionally, these have decided to collaborate on DLT-based ecosystems in Latin America and the Caribbean.
Quant and LACChain’s Steps:
- Firstly, provide LACChain interoperability with other DLTs using Quant’s Overledger technology.
- Secondly, provide LACChain members with Overledger’s gateway capabilities to connect to resources and DLNs.
Finally, Quant’s patent-pending multi-DLT token technology enables multi-DLT payments.
LACChain is a coalition of Latin American and Caribbean entities that runs a public permission DLT across the region, respecting national sovereignty while delivering a cutting-edge technology platform. The consortium’s ultimate goal is also to speed the creation of a regional DLT-based ecosystem capable of fully realizing the technology’s many economic and social inclusion benefits.
While several independent DLT networks are now in use, they do not meet scalability, governance, and transparency requirements. LACChain’s objective is also to provide a free, interoperable, and controlled blockchain network architecture to build socially helpful apps.
The LACChain-Quant cooperation will help this progress. LACChain and Quant and established financial partners are launching a new, quick cross-border payments system for the region utilizing tokenized currency. The LACChain DLN will enable new private-to-public money transfers, government, corporate payments, and many other future LACChain use cases.
This Breakthrough Will Immediately Revolutionize Remittances and Financial Inclusion.
Current cross-border banking services for migrant workers and farmers are difficult to obtain and unreliable.
The LACChain solution, powered by Overledger, will enable low-cost foreign and local currency transfers. The concept could be extended to the unbanked or other groups now excluded from the financial system.
The LACChain/Quant solution has many other high social impact applications. Others are monetary welfare payments, digital identity, professional skill certification for employment, slight producer inclusion in agricultural value chains supported by traceability technologies, and speedier, more focused access to health services.
But this is just the start of a path that will eventually connect regional DLT ecosystems like those in Europe, China, and Latin America to form the first global infrastructure for transdisciplinary DLT application development.
LACChain Leader Alejandro Pardo Vegezzi stated that the signing of the MoU between LACChain and Quant Network is critical to the growth of the infrastructure. A cooperative effort to create the blockchain ecosystem across Latin America and the Caribbean.
LACChain and IDB Lab
Announcing the agreement, Quant Network CEO Gilbert Verdian said: decreasing inequality and empowering people is an excellent illustration of how this promise might be realized. We’re also excited to collaborate to build a more inclusive society.”
LACChain and IDB Lab said that significant source of development money in Latin America and the Caribbean. It provides financial and development advice to governmental and private sector clients. For almost 60 years, IDB has worked with governments; IDB Invest works with the private sector, and IDB Lab examines new ways to promote more equitable growth.
LACChain is a worldwide alliance of 41 blockchain allies led by the Inter-American Development Bank Group’s innovation laboratory to accelerate the development of the blockchain ecosystem in Latin America and the Caribbean.
The association already supports PPPs and blockchain-based solutions in 12 countries.
LACChain already has 26 projects, 89 nodes, 45 running nodes, and over 20M blocks.