NEC Argentina S.A., a subsidiary of NEC Corp. has partnered with the Civil Association DECODES of NGO Bitcoin Argentina and IDB Lab, a laboratory for the Inter-American Development Bank Group, to develop a blockchain-based digital identity solution. The solution will help deliver better services for the citizens of Buenos Aires, Argentina, according to a press release.

A total of 16.2% of Buenos Aires citizens live below the poverty line and many lack information confirming their identity, according to government figures from the city. With this blockchain solution, all citizens will be able to receive a digital identity as well as access financial services such as storing digital money and scheduling payments.

The companies plan to introduce the solution first in Barrio 31 and then expand to two other economically vulnerable neighborhoods over the next four years.

"One of the main objectives of this project is to demonstrate with concrete cases that the blockchain represents a radical change in the management of trust, of relations between the inhabitants of a community, and also enhances the efficiency of processes," Rodolfo Andragnes, president of NGO Bitcoin Argentina, said in the release.