Argentina promotes blockchain through DIDI

Argentina is one of the pioneers in the adoption of cryptocurrencies, but it is also true when it comes to the blockchain technology. Under the DIDI project, which is based on blockchain technology, it seeks to digitize identity and make it possible to include the Argentine population in this environment on a financial level. In this way, the aim is to enjoy greater reliability and sovereignty than in centralized systems.

DIDI is a project that is directed by the NGO Bitcoin Argentina, and the IDB Lab, of the Inter-American Development Bank. This is focused on trying to create a decentralized digital identity platform. 

In this way, the aim is to take advantage of blockchain technology, where users can access a method in which their personal data is protected by using only one application. In addition, there must be interoperability between the rest of the users and management that in the future is linked to financial inclusion.

Greater accessibility to the financial sector

In Argentina there are 15.9 million people who are in a situation of poverty, highlighting that, in addition, 50% of adults do not have access to financial services. This means that there is a poverty problem that negatively and directly influences the well-being of a large part of the population.

The main reason for the creation of DIDI is so that this sector of the population can have access to the financial sector. Currently, they do not have the possibility of identifying themselves as formal employees, holders of assets, payers and as taxpayers. This is because they are not in a position to respond to the requirements requested by financial entities. This is because there is a big problem in identification.

On the other hand, not having the possibility of including these people in the market due to their lack of identification; or because it is done at a higher cost, it makes it unfairly unfeasible for those less favored people.

Blockchain solution

DIDI is a platform focused on those people who are excluded due to their null identification history; using a decentralized blockchain technology system through the RSK platform and RIF provider.

Through this platform, personal data can be entrusted through a mobile app to the decentralized system. DIDI seeks in this way to become a place through which it will be possible to obtain a greater digital and financial inclusion.

On the other hand, the same project will also seek in the future, through collaboration with the Autonomous City of Buenos Aires, to develop a platform that is responsible for issuing provisional housing possession titles.

This objective is integrated as part of a mastery regularization process and can increase the speed with which the formalization and provision of basic services can be accelerated. We will see how the project progresses and if it achieves the set objectives.