The initial funders of the LACChain Alliance led by the IDB Lab identified a fragmentation and dispersion of the communities and blockchain networks that limit the efforts being made to adopt blockchain technology. Some of these included many silos in the ecosystem, scarcity of information, regulatory uncertaintly, very expensive costs related to the use of the technology, a very concerning carbon footprint, and thousands of blockchain networks that were not suitable for the scalability of government and enterprise use cases, the absence of international standards and protocols and the lack of collaboration and coordination among public, private, and academic entities. In this context, the rapid manifestation of the benefits that blockchain can contribute to our society and generate impact, especially in vulnerable populations, could be difficult to achieve.

In order to address this, the LACChain Alliance is focused on two big pillars: community and infrastructure. In terms of community, the LACChain Alliance supports national ecosystems and governments in LAC, has established regional and by-industry working groups, supports the organization of hackathons and challenges, and participates in standardization working groups, among many other tasks. In terms of infrastructure, the LACChain Alliance has built the largest permissioned public blockchain infrastructure in the world, with more than 100 entities from Latin America, the Caribbean, the United States, and Europe sharing a common network for their blockchain-based projects. This infrastructure is complemented with several tools for digital identity, digital credentials, tokenization, and digital money.