The use of Blockchain technology is increasing worldwide, and the Latin American region is no exception. Although not yet at the level of implementation as in Southeast Asia, Europe or the United States, the region is considered an important laboratory for incubating successful projects.
With problems of corruption that are not seen in other latitudes, insecurity and poverty, the advantages of the application of Blockchain technology in this part of the hemisphere are unique and some countries in that sense have understood it.
In that sense we will review the most important countries in the Latin American region in terms of implementation of the Blockchain technology and how they are using it, both at public and private level.
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From projects related to the recycling of garbage through crypto-currencies like JellyCoin of the Beehive Project to decentralized payment gateways like Tokkenit built on the RSK protocol, it is one of the most advanced nations in the region in the use of the block chain.
Although crypto-currencies in the country are not strictly speaking legal currencies, there are regulations in this regard to be computed as „tangible property“ as established by the Income Tax Act of 2017.
The use of Blockchain technology in the Southern Cone country includes such important and diverse areas as: finance, energy, solid waste treatment, IT, gaming, food, and shipments in shipping ports.
The tenth largest economy in the world has not been left behind by the disruptive technology of the 21st century. It is one of the countries around the globe that adopted at a technical level very early on the chain of blocks beyond the traditional decentralized payment system.
Its high development in Blockchain technology is mainly due to its high permissiveness for cryptomonies, to the point of attracting the attention of giants like Ripple to establish operational bases in the South American country.
„Latin American countries will migrate to crypto currencies,“ says Andreas Antonopoulos
Its use cases in Blockchain technology include payments, remittances, health sector, shipments, notaries, education and gaming, with IBM among the great promoters of its use in the Rio de Janeiro nation.
Due to its clear regulatory framework, Mexico has experienced significant growth in the last two years, with such successful experiments as Ripple’s with MoneyGram and its XRP token-based electronic remittance system.
Since 2014, the Mexican nation has had the approval of the Ministry of Finance to allow Bitcoin to be used as a means of payment, and since then, the experiment around cryptomoney and Blockchain technology has been on the rise.
Mexico has hosted important ecosystem events such as the Satoshi Awards, an event that rewards personalities and teams that contribute to the humanitarian projects of the Blockchain technology in an ethical manner.
The northern nation has implemented some successful cases of use of the Blockchain technology like the traceability of the coffee bean proposed by the Toks restaurant chain.
Due to the coronavirus it is more and more frequent the options in Latin America for virtual Meetups on Blockchain
In addition, its use extends to successful cases of private Bitcoin Profit in shipping ports and its greatest example is the use in the field of remittances in one of the most important cross-border corridors in the world, as is the U.S.-Mexico border.
In addition, the use of the blockchain in food logistics and online advertising are other successful examples in the country.