Blockchain technology is universal in nature. It can be used in a variety of industries. However, the financial technology sector takes the cake when it comes to the use of distributed ledger technology due to multiple reasons. For starters, the application of blockchain technology in the industry is endless and financial institutions have enough resources to fund the development and implementation process. In addition, the use of blockchain technology in their operations also helps the financial institutions cut costs by a huge margin.
These very opinions were echoed in the recently concluded Blockchain LatAm Conference. The two-day conference held on 5th and 6th of December 2016 at Cartagena, Colombia saw participation from the cryptocurrency community, financial institutions and even few representatives of the government. The proceedings of Blockchain LatAm conference touched upon the potential uses of the internet and cryptocurrency technology for value transfer/exchange; ways to improve existing crypto services; the use of blockchain technology in various industries; and the regulatory issues and challenges faced by Latin American cryptocurrency industry.
BBVA, the Spanish banking giant was one of the participating banking institutions which advocated the use of distributed ledger technology in banking and financial applications. A leading Spanish cryptocurrency news website interviewed Sergio Adolfo Zuniga, the Director of Innovation and Digital Culture at BBVA Colombia. The publication quoted Zuniga saying,
“We are working in partnership with fintech startups to build new business models suited for the new era.”
He also pointed out that the Colombian cryptocurrency ecosystem is lagging behind its other Latin American counterparts, like Argentina which has made a great progress. Events like Blockchain LatAm will be helpful in educating bankers, entrepreneurs, developers, consultants and even the governments about the benefits of blockchain technology, which will help countries like Mexico and Colombia to keep up with the likes of Argentina.
The fintech ecosystem expected to grow by 25 percent in the next year. Promoting blockchain technology within the startup ecosystem in Colombia by taking the government and investors into confidence will help the country carve a place for itself in the attractive market segment.
The use of Bitcoin is already prevalent in many Latin America countries. While Argentina and Chile lead the list, Venezuelans have recently shown increased interest in the digital currency, owing to the country’s failing economy. The participation of representatives from the Colombian Ministry of Information Technology and Communication is seen as a promising development for the Colombian cryptocurrency ecosystem, signifying the government’s interest in the technology.
In the coming days, we can expect the Latin American nations to make their presence felt in the global crypto and fintech playground.
Ref: Criptonoticias | Image: Shutterstock