From November 15 to 19, the meeting called “LaBitConf2021” was held in the city of San Salvador, El Salvador, the largest conference on Bitcoin and Blockchain in Latin America.
During November 15 and 16, the contest attracted the best IT professionals to solve the social and environmental challenges that the region is going through using Blockchain technology through the space called "Hackathon LaBitConf 2021" powered by Blockchain Summit Latam.
More than 24 teams were formed from various countries such as Chile, Peru, Brazil, Argentina, Colombia, Venezuela, Mexico, Costa Rica, El Salvador, among other Latin American countries.
After 36 hours of work during the first two days of the Bitcoin week in El Salvador, the “FintechLab” team led by Rosa María Orellana, brought together professionals from Chile, Peru and El Salvador to solve one of the main challenges that faces the country with the "PrestaSol" Project.
After 36 hours of work during the first two days of the Bitcoin week in El Salvador, the “FintechLab” team led by Rosa María Orellana, brought together professionals from Chile, Peru and El Salvador to solve one of the main challenges that faces the country with the PrestaSol Project, crowning second place in the competition using Blockchain technology.
What is the financing problem in El Salvador? and How can we solve this challenge?
The problem addressed was the lack of access to quality financing through digital channels in vulnerable populations in El Salvador. In that country, about 70% of the population does not have access to any type of financial service, which led to the massification of informal financing, causing SMEs to pay usury interest rates for the management of their business' working capital. .
To solve the challenge, the creation of a "Decentralized Autonomous Cooperative" was proposed, organizations based on the community banking economy, which allows families to self-manage their savings digitally and to self-generate solidarity and collaborative loans.
In this way, it was proposed that each Cooperative works digitally for groups of 10 people, providing services from self-management of digital savings, to the delivery of micro credits through smart contracts.
(Photo: FintechLab)
"This project used the blockchain infrastructure provided by Near Protocol that allowed the deployment of a smart contract, as well as integrating it with a digital service experience close to the communities in El Salvador," said Rosa María Orellana, CEO of FintechLab.
Finally, the FintechLab team closed its participation obtaining second place in the contest presenting the business case in front of the auditorium that welcomed more than 2,000 people who attended from all over America to discover the benefits that Bitcoin technology offers and what Blockchain can offer to all digital financial businesses.
You are interested in learning more about how a Decentralized Autonomous Cooperative works, decentralized finances for self-management of savings and digital loans for vulnerable populations, leave us your contact information at this link to learn more.