India-based IT services giant is one among many firms collaborating with the IDB is on its LACchain technology initiative

The Inter-American Development Bank (IDB) has hired Indian information technology services giant, Tata Consultancy Services (TCS) out of Indian to build a blockchain ecosystem across Latin America and the Caribbean.

In fact, TCS is one among a number of IT firms that the IDB is collaborating with as part of its technology initiative, dubbed “LACchain.” Blockchain solutions are being rolled out to address several issues the region is struggling to overcome.

Among them is giving a digital identity to every citizen, which is one of the challenges the region has to resolve quickly, as it is preparing to conduct a massive COVID-19 vaccination programme. 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. The company has also launched a blockchain royalty platform.

Moreover, TCS 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.