The Inter-American Development Bank (IDB) has tapped Tata Consultancy Services (TCS) for building a blockchain ecosystem across Latin America and the Caribbean.
The Indian IT services giant is one among many firms the IDB is collaborating with as part of its technology initiative — LACchain.
Blockchain solutions may address several issues the region is struggling to overcome, say, analysts. Giving a digital identity to every citizen is one of the challenges the region has to resolve quickly as it is preparing to conduct a massive vaccination program.
Some countries are said to be looking for digital platforms for streamlining vaccine distribution and issuing immunity passports.
TCS says it will help create a marketplace of blockchain solutions in the areas of healthcare, energy, education, and financial services.
The Indian firm is among a few IT providers investing a considerable sum of money and expertise in blockchain technology. Over the past three years, TCS has renovated its Quartz, one of the widely popular toolkits for blockchain developers. It has also launched a blockchain royalty platform.
Moreover, it offers a range of solutions for crypto services. In India, it has recently deployed a blockchain-based system that speeds up the production of equipment required for COVID testing.