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Ethereum Blockchain Has Great Potential In South America

by on August 13, 2016

South America is a region where cryptocurrency and blockchain can make a world of difference in the coming years. Several native products are being logged on the blockchain these days, all of which are powered by the Ethereum blockchain. There is also a  growing interest in smart contracts, a technology that will become more popular within the Bitcoin ecosystem as well.

Using the blockchain and smart contracts can lead to many great innovations. Tracking the production process of wine and timber, as well as their delivery and consumption, are just a few examples. What is rather surprising is how entrepreneurs in South America prefer to use the Ethereum blockchain over Bitcoin’s.

At the same time, that is only normal, as the majority of these projects wants to use smart contracts. Although this technology is somewhat available in Bitcoin as well, Ethereum has a more developed ecosystem. Once platforms such as Rootstock launch, there might be more competition in the smart contracts market, though.

South American Entrepreneurs Embrace The Blockchain

It is positive to see these Ethereum-based blockchain efforts spread throughout South America. BVRio, a timer tracking company in Brazil, is working on building decentralized databases. In doing so, the company wants to document the origins of wood, as well as give each beam a score. Additionally, the company wants to ensure all of the wood is cut down through legal means.

It is no secret the supply chain process can be documented entirely on a blockchain. While not everyone may be wondering where their wine is coming from, Argentinian startup Cora feels differently The company is using the Ethereum blockchain to sell individual wines to potential investors.

Brazil and Argentina are just two countries embracing these concepts. ConsenSys, one of the companies heavily involved in Ethereum technology, is seeing success in other South American countries as well. Not too many details of these projects are known, but rest assured entrepreneurs are targeting many different aspects.

All of this goes to showcase the versatility of blockchain technology. Regardless of whether one uses Bitcoin, Ethereum, or a different ecosystem, the possibilities are virtually unlimited. It is positive to see this technology make such an impact in the regions where disruption is a matter of life and death.

Header image courtesy of Shutterstock

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JP Buntinx is a 30-year old FinTech and Bitcoin enthusiast living in Belgium. His passion for finance and technology made him one of the world's leading freelance Bitcoin writers, and he is working to achieve the same level of respect in the FinTech sector.
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