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Covid-19 is driving the implementation of crypto and blockchain solutions in Colombia

May 20, 2020

The current global health situation due to the Covid 19 pandemic has pushed companies to adjust. In this context, solutions with cryptography and blockchain technology are becoming increasingly relevant in Colombia, amongst other things. This was the result of the Dinero portal with an analysis by Milton Quiroga, General Manager of the company Cyte, which specializes in cryptography.

“The current critical global health situation has caused companies to adapt, manage changes and updates within processes in their various areas to ensure that both they and their employees continue to be successful and safe. The operations that are inherent in his business are only now being carried out by officials from their homes, “said Quiroga.

“The rush to accelerate isolation led to many organizations being forced to operate virtually without considering that the“ home ”operation could expose organizations to difficult information leak scenarios. In fact, an increasing number of security incidents are reported in all countries in the world, which are certainly currently occurring in Colombia, ”he added later.

Covid-19 is driving the implementation of crypto and blockchain solutions in Colombia
Covid-19 is driving the implementation of crypto and blockchain solutions in Colombia

The general manager of the company Cyte explained that it is normal for companies that a large amount of documentation is managed in the daily work of their employees and subsidiaries, which can be sensitive. “Inadequate security makes it prone to leakage,” he emphasized. For this reason, he emphasized the importance of cryptography as a tool for protecting information and documentation.

However, after his diagnosis, a large part of the daily business processes of companies in Colombia is based on paper. He noted that there are a number of slow, expensive, and error-prone procedures involved, and that they can also pose a biological risk.

In this scenario, he explained that Cryptographic technologies make it possible to “dematerialize” many of the processes currently performed on paper. “This dematerialization leads to processes that are not only safer, but also much more agile,” he assured.

“Many of the payment methods, signing contracts to buy or sell products and services that are still done on paper or using basic digital technologies, need to be reconsidered given the reality of covid-19, which is why an exponential increase in the use of cryptographic Technologies like blockchain and digital signatures, ”he emphasized.

“Although blockchain is a technology that was originally associated with cryptocurrencies or digital money, companies around the world have been using it for some time now for procedures and processes that require a high level of information security protection. This technology is considered one of the most relevant to any digital transformation initiative because it enables the creation of a series of indelible, cryptographically protected records that can be used to improve processes in any industry, “he added.

Among other things, he argued that there are companies and companies that benefit from cryptographic technologies such as blockchain in times of crisis and quarantine.

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