Among the many trends involving digital transformation, one 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 gained the interest and trust of business leaders worldwide. But ultimately, what is the impact of this mechanism on the financial sector?
First of all, it is necessary to understand what this technology actually 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. Furthermore, its ability to record transactions in an immutable and auditable manner is one of the main factors that has 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 give an idea of this importance, according to the first phase of the 2024 Febraban Banking Technology Survey, conducted by Deloitte, blockchain is a strategic priority for 56% of Brazilian banks, reinforcing the relevance of this technology in the financial landscape.
With that in mind, 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 costly and time-consuming, requiring the intervention of various corporations. With this system, transfers can be made almost instantly and at reduced costs, allowing financial institutions to offer more competitive and agile services.
In addition to payments, the resource 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 cost-effective, eliminating intermediaries and reducing the risk of fraud. Another example is the use of smart contracts to automate and secure financial agreements, providing an additional layer of security and efficiency.
Secure digital identities form another area where this resource is making a difference. Identity fraud is one of the biggest concerns in the financial sector, and in this regard, the tool offers a robust solution by creating immutable and verifiable records.
The secret lies in cryptography, a technology that converts information into codes that are difficult to decipher. Each data block functions as a digital safe, protected 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 give an idea of this impact, a survey conducted 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 are already researching how to integrate blockchain into their routines or processes. Furthermore, according to a survey conducted by Deloitte, about 70% of companies believe that the mechanism can bring significant benefits to operations.
Despite the benefits, there are challenges in adopting the mechanism in the financial sector. One of the main obstacles is regulation. Technology challenges traditional regulatory frameworks that are accustomed to dealing with centralized intermediaries.With this in mind, regulators around the world are working to create guidelines that enable 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 constantly, the tool has enormous potential to cause 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.
