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Sunday, January 23, 2022

Latin America makes the Latin American Blockchain Laboratory (LABS) to speed up the enhancement of blockchain systems

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Little represented in the crypto space, Latin America is now ready to begin its technological revolution around the blockchain. For this purpose, it has just set up an organization whose main objective will be to promote blockchain projects in the region. Called LABS (Laboratorio de Blockchain Latinoamericano), it has notably joined forces with the BLOCKS blockchain to launch the pilot phases of its projects.

A consortium of companies and regulators from Latin America
The creation of LABS was formalized at a private event held in the capital of Chile with the presence of strong representation from the local crypto industry. In addition to cryptocurrency exchanges and fintech companies, the organization will be made up of representatives from Latin American governments and regulators. The consortium will also host companies from various sectors such as real estate, clean energy as well as major investment banks in the region. All these stakeholders will have to join forces to experiment with pilot tests in the field of blockchain.

LABS will establish a headquarters in Santiago which will focus on recruiting and training talent in blockchain products and technologies in the Latin American corridor. These will come from several countries such as Chile, Mexico, Panama, Venezuela and Colombia. The organization has already signed memoranda of understanding with leading Latin American and Chilean companies and associations. These intervene in various fields that can be revolutionized by the use of blockchain. These include Digital Brokers, Ticketplus, Chile Pay, Consorcio Eolico and many more.

A first series of applications developed on BLOCKS
Most of the pilot tests carried out by LABS will take place on BLOCKS. It is a DAO (Decentralized Autonomous Organization) blockchain that is managed by a strong community with members drawn from all over the world. BLOCKS is one of Wyoming’s first DAOs, and is a rapidly decentralized global blockchain project. It was built to provide simple use cases for consumers, businesses and governments.

It includes training modules available for free download that focus on blockchain adoption in several key areas. These include land and title insurance, payments, authentication records, asset tokenization, commercial markets, NFTs, ticketing, real estate and more.

After its first pilot tests, LABS hopes to become the main incubator for blockchain projects in Latin America. Moreover, the active participation of governments and regulators in the project should make it easier to attract investors from the crypto space to the region.

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