Among so many trends involving digital transformation, a technology has stood out as a beacon of security and innovation: blockchain. Its emergence in 2008 not only aroused the curiosity of industry experts, but also won the interest and trust of business leaders around the world. But after all, what is the impact of this mechanism on the financial sector?
First of all, it is necessary to understand what this technology really is. The blockchain provides a decentralized architecture, eliminating the need for intermediaries. With this, the tool reduces operational costs and minimizes the risk of fraud and manipulation. In addition, its ability to record transactions immutably and audibly is one of the main factors that have led financial institutions to adopt this technology in their processes.
This trend aligns with the growing focus of companies on security, which has become a significant factor in strategic decisions. To get an idea of this importance, according to the 1st stage of the Febraban Banking Technology Survey 2024, conducted by Deloitte, blockchain is a strategic priority for 56% of Brazilian banks, reinforcing the relevance of this technology in the financial scenario.
Thinking about it, one of the most notable examples of application in the financial sector is the transformation of international payment and transfer operations. Usually, these processes were expensive and time consuming, requiring the intervention of several corporations. With this system, transfers can be carried out almost instantly and at reduced costs, allowing financial institutions to offer more competitive and agile services.
In addition to payments, the feature is revolutionizing the registration and trading of financial assets.The adjustment of stocks, bonds and other assets on blockchain-based platforms is faster, safer and more economical, eliminating intermediaries and reducing the risk of fraud. Another example is the use of smart contracts to automate and secure financial agreements, offering an additional layer of security and efficiency.
Secure digital identities form another area where this feature is making a difference. Identity fraud is one of the biggest concerns in the financial industry and thinking about it, the tool offers a robust solution, creating immutable and verifiable records.
The secret lies in encryption, a technology that converts information into hard-to-decipher code.Each block of data acts as a digital vault, shielded by a layer of encryption that is extremely difficult to break.This not only ensures that the data remains confidential and intact, but also provides a clear and permanent method for recording transactions.
To get an idea of this impact, a survey by Blockdata showed that 44 of the 100 largest publicly traded companies in the world use technological solutions in internal processes, products and services. Of these, 22 already research how to integrate blockchain in their routines or processes. In addition, according to a survey by Deloitte, about 70% of companies understand that the mechanism can bring significant benefits in operations.
Despite the benefits, there are challenges in adopting the mechanism in the financial sector. One of the main obstacles is regulation. The technology challenges traditional regulatory frameworks, which are accustomed to dealing with centralized intermediaries.Thinking about this, regulators around the world are working to create guidelines that allow the safe use of the technological solution, without compromising the integrity of the financial system.
Even with challenges, the future in the financial sector looks promising. With trends emerging all the time, the tool has a huge potential to make a profound impact on society. In addition to reducing costs, technology can increase financial inclusion by providing banking services to millions of people.
As regulatory challenges are overcome and technology becomes more accessible, we can expect significant changes in the way the financial sector operates, bringing benefits such as greater transparency and greater democratization of services in the area.
