NEC, IDB Lab and NGO Bitcoin Argentina to Deploy a Blockchain-based ID System in Buenos Aires, Argentina
TOKYO, Aug 26, 2019 - (JCN Newswire) - NEC Argentina S.A., the Civil Association DECODES (NGO Bitcoin Argentina) and IDB Lab, the Innovation Laboratory of the Inter-American Development Bank Group, today announced a Memorandum of Understanding (MoU) to develop the Blockchain-based Digital Identity for Inclusion Project, which aims to improve the access to quality goods and services for inhabitants of Buenos Aires through a portable, safe, transparent and self-sovereign digital identity.
According to figures provided by the Buenos Aires City Government (GCBA), 16.2% of the city's inhabitants live below the poverty line. The high levels of economic vulnerability of these residents are associated with the "poverty penalty" concept, which refers to the relatively higher cost shouldered by the poor to access certain goods and services. Although there are several causes of the poverty penalty, one of the main ones is the existence of imperfect information. Absent information regarding the identity and behavior of the most economically vulnerable either prevents the market from including them or includes them at a much higher cost than for the average population.
To tackle these issues, this partnership aims to provide a digital identity to all residents by incorporating Blockchain technology, which enables reliable and safe registration of information on an individual's activities, while also preserving their privacy and allowing them to control their own data. For example, this digital identity will receive information inputs generated by a digital wallet for unbanked individuals, allowing them to access financial services, such as storing digital money, and making payments, transfers, and remittances while building a transaction history.
The project, which has a duration of four years, will first be introduced in Barrio 31 and is expected to be expanded to two other economically vulnerable neighborhoods in the Metropolitan Area of Buenos Aires. NGO Bitcoin Argentina, an NGO that is responsible for executing the project, is also being supported by IDB Lab, Accenture and IOV Labs (RSK). With the signing of this agreement, NEC Argentina S.A. joins as the main technological partner, contributing directly to the development of the digital identity solution, as well as the integration into third-party projects, public and private, that maximize the contributions of the project to the benefit of the community.
According to the President of NGO Bitcoin Argentina, Rodolfo Andragnes, "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."
"NEC, as a social value provider, is pleased to collaborate and support initiatives for social inclusion around the world through the application and integration of innovative technologies, such as Blockchain and Biometrics, that will enable a safe, secure, efficient and equal society," said Jorge Vargas, Head of RCoC NEC Latin America.
"By consolidating trustworthy, accessible, and relevant digital identities, the project ultimately aims to increase access to goods and services for the residents of vulnerable neighborhoods, thus allowing them to improve their opportunities for socioeconomic inclusion in the fourth industrial revolution," said Erika Molina, Project Team Leader at IDB Lab.
About the NGO Bitcoin Argentina
The Civil Association DECODES (NGO Bitcoin Argentina) is a pioneering entity in supporting the development of the blockchain ecosystem in Latin America and the Caribbean and promoter of the use of blockchain technology for social and economic impact. Since 2013, the organization has promoted the understanding and exploitation of the technological potential represented by blockchain, advising state agencies, banks and private companies on the use of this technology. The NGO also contributes annually in the organization of LaBITConf, the most important blockchain conference in Latin America, which brings together the experts and the most relevant sector companies from the international blockchain ecosystem.
About IDB Lab
IDB Lab is the innovation laboratory of the IDB Group, the leading source of development finance and know-how for improving lives in Latin America and the Caribbean (LAC). The purpose of IDB Lab is to drive innovation for inclusion in the region, by mobilizing financing, knowledge, and connections to co-create solutions capable of transforming the lives of vulnerable populations affected by economic, social or environmental factors. Since 1993 IDB Lab has approved more than US $2 billion in projects deployed across 26 LAC countries. As of October 29, 2018, IDB Lab is the new identity of the Multilateral Investment Fund (MIF). new windowwww.idblab.org
About NEC Argentina S.A.
NEC Argentina S.A., as the Argentine subsidiary of NEC Corporation, is strongly engaged with the modernization of local communities, using technology as the development vector. Looking to accomplish one of corporation goals "Technology as a social value creator", deploy several technologies join with local government agencies in Smart City and Biometric ID projects, with an extended list of success cases focused in disruptive technologies as Blockchain, IoT, Facial recognition, AI and Video Analytics. For more information, visit NEC Argentina at https://ar.nec.com.
Source: NEC Corporation
Sectors: Cloud & Enterprise
Copyright ©2021 JCN Newswire. All rights reserved. A division of Japan Corporate News Network.
More Latest Release >>
Mitsubishi Corporation Participates in Laos Wind Farm Project
Jun 16, 2021 18:00 JST
Star Alliance, NEC and Sita Sign Teaming Agreement, Paving the Way to Expand Touchless Journeys Across Member Airlines
Jun 16, 2021 14:15 JST
Vodafone names NEC as a key partner for 5G massive MIMO radio units supporting commercial deployment of Open RAN in the UK
Jun 15, 2021 15:22 JST
Fujitsu to Initiate On-Site Vaccinations for Employees in Japan
Jun 15, 2021 11:59 JST
Eisai to Divest Rights for Zonegran in Europe and Other Regions to Advanz Pharma
Jun 15, 2021 09:00 JST
JAXA and Honda to Begin a Feasibility Study on a Circulative Renewable Energy System
Jun 14, 2021 19:38 JST
One-Two in Race 100 for TOYOTA GAZOO Racing
Jun 14, 2021 12:20 JST
JCB Accelerates Business Expansion in ASEAN Region with Opening of New Department in Singapore
Jun 14, 2021 12:00 JST
All-New Lexus NX Premieres, Heraldling the Start of the Lexus Next Chapter
Jun 14, 2021 05:25 JST
Honda Announces the Establishment of Ashirase, Inc., a Startup Originated from IGNITION, a Honda New Business Creation Program
Jun 11, 2021 18:09 JST
Honda Begins Company-wide Expansion of its New Business Creation Program, "IGNITION," to Help Realize Ideas and Dreams of Honda Associates
Jun 11, 2021 17:10 JST
NEC upgrades its greenhouse gas reduction target to SBT1.5degC and joins RE100, a global renewable electricity initiative
Jun 11, 2021 11:02 JST
Northgate Public Services to improve patient experience and outcomes with acquisition of Vantage Health
Jun 11, 2021 10:24 JST
Drax and Mitsubishi Heavy Industries Sign Pioneering Deal Towards Delivery of the World's Largest Negative Emissions Project
Jun 10, 2021 17:12 JST
Showa Denko Contracts with Seagate to Jointly Develop HAMR Technology-based HD Media
Jun 10, 2021 15:00 JST
Honda and Komatsu Announce the Start of Joint Development of Micro Excavators Powered by Swappable Batteries
Jun 10, 2021 14:48 JST
Honda Launches All-New Civic Hatchback Teaser Page on its Company Website
Jun 10, 2021 12:33 JST
Toyota's New Land Cruiser Makes World Premiere
Jun 10, 2021 09:29 JST
The 10th edition of Big CIO Show virtually convened India's top CIOs
Jun 09, 2021 15:22 JST
Eisai Receives Special Prize at Platinum Career Award 2021
Jun 09, 2021 13:44 JST