TCS, LACChain to develop blockchain ecosystem in LatAm and Caribbean

Tata Consultancy Services (TCS) has joined forces with LACChain, an initiative led by IDB Lab, for developing a blockchain ecosystem in Latin America (LatAm) and the Caribbean.

IDB Lab is the Inter-American Development Bank Group’s innovation laboratory.

By working with technology partners and ecosystem actors, the LACChain alliance develops blockchain platforms, standards, and marketplaces for innovating and co-creating solutions that can be life-changing for vulnerable people and who are impacted by economic, social, or environmental reasons.

TCS said that it will utilize its deep domain knowledge across industry verticals, technological expertise, and also research and innovation to build a marketplace of blockchain solutions for healthcare, education, energy, and financial services.

Irene Arias Hofman – CEO of IDB Lab said: “This partnership with TCS brings to LACChain, an international consulting firm with wide experience in the development and implementation of technology.

“We believe that TCS’ expertise will be a very relevant contribution to the working groups on blockchain infrastructure and digital identity, and we welcome with excitement their desire to help us to continue developing the blockchain ecosystem in Latin America and the Caribbean.”

LACChain and TCS will focus on bringing a variety of solutions to address the urgent requirement of healthcare systems. These include decentralized vaccination distribution platforms and immunity passport for enabling safe travel.

When it comes to the digital identity space, the duo will develop blockchain solutions to facilitate collaboration between academics and firms for creating a skills marketplace and also revive the job market in the region.

In the financial services sectors, the blockchain solutions from the partners will address payments and settlements inefficiencies to provide quicker settlements and financial inclusion for all the citizens.

Furthermore, the solutions will fuel the adoption of renewable energy while cutting down the cost per unit to create an abundance of energy for the people, said TCS.

Anupam Singhal – Business Head, Banking and Financial Services, TCS said: “Our purpose-led approach, powered by our investments in research and innovation, ability to successfully leverage ecosystems and harness contextual knowledge, makes us the preferred partner to Inter-American Development Bank, in creating a positive impact in our society.

“The partnership serves a greater purpose of social and economic development in the region.”