Among so 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 captured the interest and trust of business leaders worldwide. But what is the impact of this mechanism on the financial sector?
First of all, it is necessary to understand what this technology actually is. Blockchain provides a decentralized architecture, eliminating the need for intermediaries. As a result, the tool reduces operational costs and minimizes the risk of fraud and manipulations. Furthermore, its ability to record transactions in an immutable and auditable manner is one of the main factors that have led financial institutions to adopt this technology in their processes.
This trend aligns with the increasing focus of companies on security, which has become a significant factor in strategic decisions. To give an idea of this importance, according to the 1st stage of the Febraban Banking Technology 2024 Research, 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 this, one of the most notable examples of application in the financial sector is the transformation of international payment and transfer operations. Typically, these processes were expensive 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 thinking about this, the tool offers a robust solution by creating immutable and verifiable records.
The secret lies in encryption, a technology that converts information into difficult-to-decipher codes. Each block of data acts as a digital safe, shielded by a layer of encryption that is extremely hard to break. This not only ensures that data remains confidential and intact but also provides a clear and permanent method to record transactions.
To get an idea of this impact, a survey conducted by Blockdata showed that 44 of the world’s top 100 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. Additionally, according to a research 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. The technology challenges traditional regulatory structures, which are accustomed to dealing with centralized intermediaries. Thinking about this, regulators worldwide are working to create guidelines that allow the safe use of the technological solution without compromising the integrity of the financial system.
Despite challenges, the future in the financial sector looks promising. With trends emerging constantly, the tool has enormous potential to make a profound impact on society. In addition to reducing costs, the 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 greater democratization of services in the area.
