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Vector ITC director for innovation, strategy and technology highlights blockchain security

Rafael Conde, Director of Innovation, Strategy and Technology at Vector ITC, highlighted the advantages and benefits of blockchain technology. Among other things, he spoke of the security that it offers. This was the result of an interview by Tamara Jiménez, which was published by Cibersur from Spain.

Given the current crisis situation due to the Covid 19 pandemic Conde confirmed that blockchain is a technology that has features such as decentralization, traceability, transparency, and data speeds. “And these are exactly some of the needs that arise in dealing with the pandemic. This crisis affects all countries worldwide. Therefore we need technologies that are standard, global and cross-border. By default, it appears that blockchain technology is in the situation that we’re in has very relevant features. In terms of traceability and traceability, such as donations, blockchain enables us to keep track of where those donations are being used and whether you’re actually reaching their ultimate goal. In another area, in which this technology can be used is logistics, for example the logistics of protective materials and medical devices, “he said.

In addition, he emphasized that blockchain technology enables steps to be eliminated and certain bureaucracy to be automated. “One of the characteristics of this technology are so-called smart contracts (…), with which we can carry out actions based on the data that we upload to the blockchain. Therefore, we can do this in particular in global processes The data we provide must be created automatically, securely, and validated, eliminating intermediary actions, speeding transactions, programming certain actions, and performing actions requiring manual interaction of the different participants in a process, “he explained.

Vector ITC director for innovation, strategy and technology highlights blockchain security
Vector ITC director for innovation, strategy and technology highlights blockchain security

Regarding security as a feature, Vector ITC’s director of innovation, strategy and technology said: “Blockchain technology adds an important security element as we say that it is practically impossible to hack. We say ‘practical’ because it can never be guaranteed “One hundred percent, but there are currently no identified ways to violate the information contained in blockchain technology. They are based on a number of cryptographic algorithms that can be used to link one piece of information to the next, hence the name blockchain. ”

In any case It should be made clear that there are different types of blockchain and therefore there may be differences. Security and immutability are features that can vary in degree depending on whether the blockchain is public, private, open, closed, etc.

About Vector ITC

Vector ITC is presented on its official website as an expert group for digital services, products and solutions, technological innovations and agile transformation processes. They have offices in the United States, Peru, Brazil, Chile, Mexico, Colombia, Paraguay, the United Kingdom and Germany.

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