US technology developer Augmate has teamed up with Maximilian Ventures to promote blockchain and distributed ledger technology (DLT) development in Mexico and throughout Latin America.

The two companies will bring together schools, businesses, and investors in Mexico to lay the groundwork for expanding hubs of qualified workers and thought leaders in the technology.

Founded in 2014, New York City-based Augmate has developed a platform called Augmate Connect, which is said to be the first Internet of Things (IoT) device management platform using DLT.

Augmate says its ambition is to position Mexico as a regional leader for blockchain technology, so the company is focusing on building a stronger tech talent pool in the country.

“Our goal is to partner with education providers to encourage curriculum development and proficiency. As well, using the R&D capacity of schools creates an ability for those schools to participate in the value beyond the classroom,” stated Dana Farbo, COO at Augmate, in an interview with Block Tribune.

Analysts have long been saying that blockchain technology can solve myriad problems in the Mexican banking sector. With the federal government already putting legislation in place to define Bitcoin as a digital asset, Mexico is becoming more well-prepared to explore the value of blockchain technology.

What’s more, some Mexican startups – including Consuelo, Bitso, Volabit, Prestadero, Ripio, Trato and fintech firm Openpay – have already made some headway in blockchain technology, and there are also bitcoin ATMs (BTMs) in Mexico.

This is a lucrative technology segment with the potential to generate a huge number of jobs. The global market for distributed ledgers alone is set to reach US$5 billion over the next decade, according to a study by Allied Market Research.