NEC Corp. subsidiary, NEC Argentina S.A., has joined forces with IDB Lab, a laboratory for the Inter-American Development Bank Group, and the Civil Association DECODES of NGO Bitcoin Argentina to create a blockchain-based digital identity solution.
The solution will assist in delivering superior services for the citizens of Buenos Aires, Argentina, a press release stated.
A sum of 16.2% of Buenos Aires citizens live underneath the poverty line and numerous lack information affirming their identity, according to government figures from the city. With this blockchain arrangement, all citizens will be able to get a digital identity, along with access to financial services like storing digital currencies and scheduling payments.
The companies plan to launch the solution first in Barrio 31 and then extend to two other financially vulnerable neighborhoods in the next four years.
“One of the main objectives of this project is to demonstrate with concrete cases that the blockchain represents a radical change in the management of trust, of relations between the inhabitants of a community, and also enhances the efficiency of processes,” NGO Bitcoin Argentina president Rodolfo Andragnes said in the release.