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 sparked the curiosity of industry experts but also won the interest and trust of business leaders worldwide. But what is the impact of this mechanism on the financial sector?
First of all, it's necessary to understand what this technology actually is. Blockchain provides a decentralized architecture, eliminating the need for intermediaries. This reduces operational costs and minimizes the risk of fraud and manipulation. Furthermore, its ability to record transactions in an immutable and auditable way is one of the main factors that has led financial institutions to adopt this technology in their processes.
This trend aligns with companies' growing focus 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 this in mind, one of the most notable examples of application in the financial sector is the transformation of international payment and transfer operations. Normally, 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.
Beyond payments, the technology is revolutionizing the registration and trading of financial assets. Settling 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 transactions, offering an additional layer of security and efficiency.
Secure digital identities are another area where this feature is making a difference. Identity fraud is one of the biggest concerns in the financial sector, and with that in mind, the tool offers a robust solution, creating immutable and verifiable records.
The secret lies in cryptography, a technology that converts information into codes that are difficult to decipher. Each block of data functions like a digital vault, shielded by a layer of cryptography 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 by Blockdata showed that 44 of the world's 100 largest publicly traded companies 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 research by Deloitte, approximately 70% of companies understand that the mechanism can bring significant benefits to their 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 structures, which are accustomed to dealing with centralized intermediaries. With this in mind, regulators around the world are working to create guidelines that allow for the safe use of the technological solution without compromising the integrity of the financial system.
Despite the challenges, the future of the financial sector looks promising. With trends emerging constantly, the tool has enormous potential to have 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 how the financial sector operates, bringing benefits such as greater transparency and a greater democratization of services in the area.
