Closing the event Fintech most important of the year, Finno Summit Miami 2019, closed with a flourish thanks to the arrival of the star as expected. We’re not talking about a person, but to the technology that has given life a whole new world: technology Blockchain. On this occasion focused on the evolution of the means of payments with this technology. Because of the importance of the panel of the Finno Summit Miami 2019, stressing that it was one of the best that we have participated, we decided to divide in two parts the article.
Contents
Introduction
We begin with an introduction by Sean Lippel, who represents FinTech Collective, only that today will be our moderaror. Faced with a situation in which the technology Blockchain is just emerging in the world, with Satoshi bringing up the idea a decade ago. However, it is not until the last years have appeared companies and products using this technology. For this reason, for the panel entitled “Blockchain as a Payment Infrastructure” are present cases of success using the string of blocks, highlighting within the uncertainty. First presented by the representative of the cryptocurrencies, being Henrique Teixeira with the currency of the banks Ripple. It follows the media industry of digital payments, being Dom Rozic with the cloud of Minka. Finally, the one who seeks to safeguard the information with the string, Manuel Beaudroit with the participation of Bitex. Panel Blockchain in Finno Summit Miami 2019
The beginning
As mentioned Lippel, Blockchain is a technology that is seeing use is recently, for which, it is interesting to study his case study. Teixeira argues that it is a matter of time that the solutions Blockchain arriving to meet the demand and need of prosperity. Poses that you can see the chain as the appearance of the email. Originally only the computers had this access and was limited to personal use. But the evolution of the same took him to reach the phone, the cloud, and major uses such as commercial, storage and so we have to Gmail. Therefore, the chain of blocks is the technology that is born to complement the other technologies, following the natural order of technological evolution. Stressing that it is a progressive process, where the traditional, such as banks, institutions and the tools of the people are adapted each to its rhythm. However, Teixeira highlighted that the beginning was not easy, being the first complication to get the confidence of the traditional. Following the story of Ripple, explains that the alliance with Santander taking months of discussion and playing various doors before. But it raises that it was worth it, given that you have made an impact on the platform of this Spanish bank.
Why Blockchain?
Continuing with the panel, Lippel asks the question that several experts make. Considering that there are a number of cases that allege that Blockchain will be the miraculous solution of all the ills, when not. The person in charge of responding this doubt was Beaudroit, explaining the cases of their clients. Considering that their first customers were banks, noting that they were seeking to apply Blockchain at all. In this situation Beaudroit tells a story where he explains that actually could design a platform that works with Bitcoin and Blockchain. However, by the structure and organization of the bank was not going to be efficient this app, generating more loss than benefit. The success case that raised was a small bank of Argentina, which was a case where they managed to decrease the fees with their allies in Hawaii. He explains that the achievement of the project lies in the adaptation process experienced by the bank, in order to use the chain for a communication between the institutions. Reflects that Blockchain in effect manages to solve a variety of cases, but are in particular situations and conditions for success. It is for this reason that Bitex is to examine each case to give an honest answer what is requested.
Infrastructure stability: Cryptocurrencies
Continuing with the theme of solving problems it brings to the table a case that he is living in the present. Lippel suggests that Argentina is currently living a process unstable in a matter of the value of its currency, associated to the price. This Beaudroit responds that in CriptoTendencia we have stated for years: Cryptocurrencies. In effect currently in the world there is still no country that uses the first-born of Blockchain, Bitcoin. However, he explains that the same way people use the digital currency, for which the infrastructure is formed de facto, even in Argentina. The fundamental issue that must be addressed to encourage the use of Bitcoin is the issue of volatility.
How Latin America lagging behind?
Lippel to ask him directly to Rozic, asked about the situation in Latin america, particularly Colombia. Poses that there are countries with major advances in this topic, as it is China or the Uk, but… what is the difference to Colombia? Rozic responds to this with a simple answer: the economy. Although it may not appear so to the naked eye, China and the United Kingdom share the characteristics that their economies are quite organized. In the sense that it gives priority to the formal work, the use of institutions that foster the technologies and the overall situation is stable. In contrast, Colombia and Latin america is completely opposite, with high levels of informal work, mistrust of institutions and uncertainty in general. Using a simple example: the use of cash. In other countries the effective physical is dying, given that the platforms, as the Blockchain, doesn’t need it, everything is digital. However, Colombia argues that a large part of their transactions are done with cash, with a differentiation of time. Completed by the times article, however, we invite you to read the continuation of the event Finno Summit Miami 2019. The following two tabs change content below. I am a student of economics, interested in innovation and technological development, always faithful to that tomorrow will be a better day.