The country of Peru has announced it’s partnership with blockchain startup Stamping.io, in order to to create a transparent procurement system for the nation.
The agreement between the government and tech company was started to develop a verification system for government contracts that will make it resistant to corruption. The partnership is dependent on LAC-Chain, led by the Inter-American Development Bank.
According to the Transparency International’s Corruption Perception Index, the country is listed in in 101st place out of 176 countries.
Said Talos Digital’s Dave Mejia, “For this region, blockchain’s distributed and immutable ledger could go a long ways towards building faith in banking, the safety of personal savings and property, political processes, and the plausibility of entrepreneurial pursuits.”
Stamping.io is representative of both earlier and later-stage businesses leveraging blockchain technologies across industries.
According to Clyde Hutchinson, Head of Innovation at Viva Air Labs “We believe that blockchain has the potential to revolutionize tickets, loyalty, security and aircraft maintenance as well as the process of aviation leasing.”
“However this will require wide-scale adoption by both airlines, manufacturers and aviation leasing companies to make this a reality otherwise only thing blockchain technologies will deliver will be slower databases.”
Governments across Latin America are increasingly looking into blockchain technology. Mexico’s government has announced plans to conduct the first ever public procurement procedure on a blockchain network. A number of businesses, and government agencies from Argentina to Colombia are embracing blockchain, leading the way as early adopters.
This is in part due to decades of cyclically unstable local currencies across the region have forced citizens to search out ways to protect their savings from rising consumer prices and currency controls.
Disclosure: This article includes a client of an ESPACIO portfolio company.