In Argentina, there is a new partnership between a development bank, a nongovernmental organization (NGO) and a major tech corporation, the latest cryptocurrency news show. Right now, NEC and partners are eyeing the creation of a blockchain based identity system which will improve the financial inclusion in Buenos Aires, the capital of the country.
The full list of parties includes the Innovation Laboratory of the Inter-American Development Bank Group), NGO Bitcoin Argentina and the Argentine subsidiary of NEC Corporation – all of which have apparently signed a memorandum of understanding to pursue the project on August 26.
The news release by NEC outlines that data from the Buenos Aires City Government revealed that 16.2% of the city’s inhabitants live below the poverty line. The economic crisis is in turn associated with a phenomenon known as the poverty penalty, which implies that the disadvantaged sectors of the population have higher costs to access goods and services. NEC and partners want to change a couple of aspects in this matter, particularly when it comes to financial services.
As we can see in the news, the three partners argued that incomplete and/or inaccurate data is a crucial part of the problem which exacerbates financial exclusion and raises barriers for individuals who are attempting to enter the market.
The Bitcoin and altcoin news are followed by Argentinians and there are a lot of cryptocurrency users in the country. However, it is envisioned that the blockchain powered identity system is what is going to provide unbanked individuals with a digital wallet that will allow them to store as well as make payments and remittances while building a complete transaction history.
NEC and partners have agreed to cooperate on the project for four years, as many best cryptocurrency news sites reported. The initial focus will be put on the Buenos Aires neighbourhood Barrio 31 before the project is expanded.
Right now, the NEC and partners are receiving financial backing. NEC Argentina will serve as a technological partner and take care of the development of this solution as well as its complete integration in the public and private third party projects.
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