Renato Rodríguez, businessman and expert in the digital economy, proposes to integrate blockchain technology for the development of the financial sector.
When the term “blockchain” is discussed, it is usually associated with cryptocurrencies. In fact, some people relate to this technology and Bitcoin while explaining distributed ledger technologies (DLT). However, the scope of blockchain technology is not limited to digital assets only. There is a blockchain for health, identity, records, and even for copyright media.
Renato Rodríguez, businessman and promoter of the crypto economy, considers that it’s time to adopt blockchain technology in the traditional financial sector. “Implementing blockchain in the financial sector represents cost preservations in time and labor requirements, reduction of paperwork, minimization of illegal activities, decentralization, and much more,” he declared at a conference.
With blockchain technology banks could also create near real-time settlements, audit coded transactions, and reverse risk management for both bankers and users. As Renato Rodríguez points out, “blockchain-induced transparency could give banks both internally and externally the freedom to replace certain intermediate and administrative functions.” For this reason, banks could consider implementing this alternative to achieve financial transparency, which has often led to mistrust among the population.