The Inter-American Development Bank, through its innovation laboratory, IDB Lab, has issued a press release in which it report the results of the call that was made in June 2022, on the initiative to create mechanisms to guarantee biodiversity in the region.
The call was open to public or private companies belonging to countries such as Argentina, Bahamas, Barbados, Belize, Bolivia, Brazil, Chile, Colombia, Costa Rica, the Dominican Republic, Ecuador, El Salvador, Guatemala, Guyana, Haiti, Honduras, Jamaica, Mexico, Nicaragua, Panama, Paraguay, Peru, Suriname, Trinidad and Tobago, Uruguay and Venezuela.
In the initial call, it was detailed that the proposals to participate in the luck of competition sponsored by IDB Labs, should deal with the promotion of conservation and regeneration of biodiversitywith the participation of the local communities, as well as in the same project, should be established the best mechanism to harness the potential of digital tokens.
In short, the project that was presented had to be self-sustainingit had to improve the data flows if there was already a method of data transmission, making them more transparent and reliable, for this will connect to the LACChain Blockchain network.
For January of this year, the statement indicates that the selected proposals belonged to Colombia, Ecuador, Peru and Trinidad and Tobago. In this way, the alliance between the Natural Capital Laboratory and the IDB Group to promote financial innovation connects with the development of new technologies and the Blockchain in Latin America.
The selected projects were presented by
- Future Foundation (Ecuador): Its objective is to broaden the scope of the zero carbon system, offering monetary incentives to landowners for conservation and restoration. In addition, it seeks to include communities, favoring the transition towards a digital governance of DAOs (decentralized autonomous organization, for its acronym in English)
- Nature Services (Peru) It is in second place with the following proposal: structure socioeconomic incentives to recognize behaviors and actions in favor of biodiversity. In addition, by integrating blockchain technology functionalities (including fungible and non-fungible tokens) and interactions between actors in a digital platform, it aims to prevent unwanted behavior.
- Terrasos (Colombia) It is the third project that is opting to receive financing: It is a proposal that combines the concept of biodiversity credit with digital tokens to provide greater traceability and transparency to transactions. It does this by implementing Distributed Ledger (DTL) technologies, which store information in multiple locations at any given time.
- The Cropper Foundation (Trinidad and Tobago) as a final project: It proposes using digital tokens to encourage agricultural sustainability and improve access to credit and capital for small farmers in Trinidad and Tobago.
The next step in the contest will be that the selected entities must begin the design of the projects to be eligible to receive financing from the IDB Lab and, in this way, to be able to develop the projects in those countries. The statement explains that The IDB Group evaluated 86 proposals from 21 countries in the regionin which they applied “Startups, SMEs, non-profit organizations, corporations, think tanks, public innovation agencies, accelerators and other organizations, which presented ready-to-implement models”.
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