Blockchain – The Technology That Transforms The Financial System

The global economy relies on contracts, transactions and records that support agreements that are directly related to people’s financial performance. The world and business today move at an accelerated pace, and it is no secret that the industry still needs to evolve some processes to respond effectively to market needs.

People who make use of finances demand a tool that ensures greater agility and above all, security over their information. This is why the Blockchain was born, a technology that works as a method to store data in a kind of ledger or Excel and in turn records all purchase and sale transactions made through electronic currencies, which allows companies to protect the financial data of its users much more than before.

This solution, which started in 2008 and evolves year after year, is so far one of the most secure techniques available to companies that work with digital transactions and continuously need to modify, create, share and store information. Especially when several people are involved in the same process. In addition, this system allows to know all the movements or actions performed on the files, because it has a technological footprint that helps to validate the authenticity of the data.

Undoubtedly, the fact that organizations can reduce the possibilities of forgery and fraud within their organizations, has become one of the main reasons that leads Blockchain (-> to make its way into the market as one of the most revolutionary emerging technologies that is evolving rapidly today and covers different areas among which are: health, banking, agriculture, energy and even the media. This technology promises to shake the foundations of these industries and threatens to transform the traditional business value chain.

Although the regulations surrounding this emerging technology are still in their infancy in Latin America, banks are implementing this type of solution to prevent fraud and money laundering, comply with new regulations and deliver high quality products to users without the need to generate setbacks, since it manages to distribute all types of information through the system with total transparency. According to the World Economic Forum, the implementation of this technology is closer to users than imagined, as 80% of the world’s banks are already implementing this service in their systems or plan to do so over the next year.

If this emerging technology manages to be adopted by the different industries, then it could have the power to reinvent business models, since Blockchain together with other emerging technologies will form the basis of the infrastructure of the services that the economic industry is beginning to offer, and we are not talking specifically about the banking sector but about the world in general. Among all the emerging technologies, Blockchain is the technology that is currently causing a great impact on global markets, such as in Japan where it is already possible to make payments in restaurants, supermarkets, banks and other services, through virtual currencies. This technology is revolutionizing not only the business world but also people’s lives and evidently this 2017 will not only set the tone in the innovation strategies of companies, but will be the backbone of digital transformation in business.

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