National projects require neutrality, which Algorand achieves through a cryptographically secure, decentralized network. They also must be scalable, or able to facilitate the transactions of massive, country-sized user bases, as well as transparent and immutable, ensuring that users can see and have visibility on their own, unchanging records. The Algorand blockchain, through its unique consensus mechanism, open-sourced network, and high transaction processing capability offers these essential elements and more.
Koibanx, a leading asset tokenization and blockchain-based financial infrastructure company working across Latin America, signed an agreement with El Salvador in August 2021 to develop the government’s blockchain infrastructure on Algorand.
Koibanx chose to leverage the Algorand blockchain for the El Salvador government, as well as several other projects across Latin America, as it provides the high performance, easy scalability, and decentralized security required for large scale projects. Building on Algorand, Koibanx is making strides across Latin America to bring more efficient infrastructure and tools to the region’s burgeoning digital economy.
Traditional healthcare payment systems are slow, cumbersome, and riddled with unnecessary expenses. MAPay--a global healthcare technology firm with a focus on decentralized payment networks--has been able to create efficiency and eliminate costly, slow intermediaries across key players in the healthcare systems of Bermuda, including insurance companies, government health providers, and banks. In addition to being an open, public infrastructure, Algorand offers the high performing Layer-1 that MAPay needed to enable immediate transaction finality and the security required in the healthcare space.
MAPay’s healthcare payment solutions, built on Algorand’s blockchain network, has the capacity to transform Bermuda’s healthcare system and move $800 million in traditional healthcare payments to the blockchain.
Similar to the work being done in Bermuda, MAPay is also working with Panama to create payment infrastructure that can make the healthcare system more efficient for everyone involved.
Vitalpass, the COVID-19 digital vaccination passport co-created by Auna Ideas Foundation and Koibanx and developed leveraging Algorand’s blockchain, has been chosen by the Colombian government as its official immunization certificate. Colombia is the first country in Latin America to adopt this technology, joining the ranks of others already doing this, including Singapore, Japan, South Korea and New York City. VitalPass was conceived based on the urgent need to track and confirm vaccinated citizens and patients with the utmost security, and is the result of a quickly executed effort by Davivienda, the second-largest bank by portfolio in Colombia; and Auna Ideas, an open platform for scientific research, innovation in health-tech, health training, and social development in Latin America; and with the collaboration of partners such as the Cardioinfantil Foundation, a non-profit institution founded in 1973.
Leveraging the Algorand blockchain enabled the VitalPass team to guarantee security, traceability, real-time validation, and transparency during the vaccination process across Colombia and beyond.
SIAE, the Italian Society of Authors and Publishers, is a public economic institution and membership base for the management of copyright, representing nearly 100,000 authors and each year releasing more than 1.2 million licenses for the use of their works. The organization had a vision to leverage blockchain for the development of a new, industry-standard open ecosystem for copyright management. After beginning the project on Hyperledger, SIAE soon discovered that Algorand was a better fit due to its truly decentralized design and scalable performance. Launched in 2021 with an initial 4 million NFTs representing author rights, SIAE’s Algorand-based copyright management system ensures that authors’ rights are protected end-to-end.
The Republic of the Marshall Islands was the first country to adopt a national digital currency. Known as the SOV, this digital currency circulates alongside the US dollar and helps the Marshall Islands efficiently operate in the global economy.
The Algorand protocol was chosen to power SOV for its fast transaction speeds, easy scalability, guaranteed security, and its ability to effectively implement required compliance controls and the transaction finality needed for a national digital currency, as well as the functionality required to issue, manage, and distribute the SOV on a global level.