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Koibanx COO assures that blockchain is here to stay in Argentina

Investing in blockchain technology underscores the potential this technology has in solving traditional problems in the financial sector. In this regard, Leo Elduayen, COO and co-founder of Koibanx, shared a brief survey with Cointelegraph in Spanish on some indicators and explained what blockchain is.

As a secure, distributed ledger technology A well-designed blockchain not only eliminates intermediaries, lowers costs and increases speed and reach, but also offers more transparency and traceability for many financial processes.he confirmed.

In this regard, the Koibanx manager recalled that PwC had produced a report (Blockchain is here. What’s your next step?) That surveyed 800 high-level executives from financial institutions: banks, payment companies, insurance companies, hedge funds and other investment companies between July and August 2020. Companies had to have $ 1 billion or more in sales in 2019 to participate, including Latin American companies that are part of this global trend.

Koibanx COO assures that blockchain is here to stay in Argentina
Koibanx COO assures that blockchain is here to stay in Argentina

40% of respondents from top tech companies around the world currently have blockchain development in production. Now 90% of executives believe blockchain will be more important in the next three years, ”he noted.

In fact, Latin America had already reached $ 77.1 million in blockchain investments in 2020 and would maintain sustained 45% growth through 2023 if it hit $ 232.9 million Dollars) would reach Euro), according to the report “State of the Art of Blockchain in the Spanish Company” prepared by Ametic in collaboration with ICEX and Realsec, ???? he added later.

On the other hand, quoting Alejandro Rosa, a partner at PwC who spoke about Argentina, said: “Blockchain has become a technology that appears to be revolutionizing the business environment and the way we trust digital transactions.”

However, it is true that adoption is still rare, but it is also true that the opportunity is as great as the volume of industries looking to transform this technology.

Not for nothing Blockchain is one of the four topics covered in the Central Bank of the Argentine Republic’s (BCRA) financial innovation tableand that, according to his latest report, significant progress has been made in using blockchain for interbank clearing.

When it comes to fintech and cryptocurrencies, the Argentine crypto community is one of the largest in the world. According to Statista, the country ranks fourth in terms of crypto-penetration, but if there is a breakdown by city, CABA (Autonomous City of Buenos Aires), according to the CoinMap itself, the collaborative map created by users, and which shows the location of companies and services that accept cryptocurrencies) is at the top of the rankings in Latin America. This data is partially in line with a 2018 Forbes poll that found Buenos Aires in second place at the time. Elduayan detailed.

This goes hand in hand with the 268 fintech companies (compared to just over 80 banks), organizations tracked by the “Fintech Study 2020: Argentine Ecosystem” in collaboration with Cá Mara Fintech Argentina. If you compare the current number of fintech companies compared to 2018, you see an increase of 133 companies, a growth of almost 50%.

So it is no coincidence that various sources claim that there are at least 900,000 Argentines today who are already regularly saving and investing in crypto. And this is possible thanks to blockchain technology, both in terms of the system that supports cryptocurrencies and the solutions that allow financial institutions to give their users the opportunity to work with them, ”emphasized the COO of Koibanx .

Thanks to these cheaper technological solutions, such as those offered by the Koibanx platform, which has been adopted by both the public and private sectors, citizens in general could benefit from managing their financial assets at a lower cost than today. This will expand the range of sectors that can be included in the financial system, ”he added.

potential

According to Elduayans The potential of blockchain technology is enormous. â ???? And it has long passed the realm of cryptocurrencies (in terms of creating or activating APPIS and channels that allow financial institutions to give their customers access to cryptocurrencies). Transparency, security, distribution and traceability are some of the many attributes for which the blockchain is attracting increasing interest in a wide variety of sectors, such as health, law, government, etc., in addition to of course, the financial industry in general?

Likewise, the blockchain, in combination with other technologies such as artificial intelligence and big data, promises to achieve colossal successes that influence the most diverse areas, from the fintech ecosystem to the energy sector, from digital identity to logistics operations. and even in relation to electoral processes over the internet?

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