Tokenize 2024: reflections on the use of Blockchain in infrastructures dominate the afternoon panels

What is myth and what is true about the use of Blockchain in Regulated Market Infrastructures? What are the practical applications of Blockchain in this sector and the implementation challenges? The answers were discussed among experts and representatives of companies and entities this afternoon during Tokenize 2024, organized by Nuclea, a reference in infrastructure solutions in digital transactions and data intelligence, and by Febraban. 

The importance of the governance of the segment was discussed at the event, with reflections on risks, cost reduction, intermediation in the chain, solutions, safety and regulation. 

In panel 4, who opened the afternoon with the theme “Mitos and reality about the use of Blockchain in regulated market infrastructures”, Guto Antunes, Head of Digital Assets of Itau Digital Assets, declared that the technology brings to the market a different functionality, to have a more efficient market, “mas, at the same time, we hear a lot that they are trying to centralize the market. When you try to decentralize to a certain extent, you close, do not open, because it generates insecurity and needs to have the controls. We need to stop talking a lot about decentralization and think about scalability, which is the point that is today”, reflects the executive. 

Jochen Mielke, CEO of B3 Digitais, analyzed that the DLT environment is a game of collaboration.“O Brazil, in general, has taken the lead not only by the work of institutions, but also by the regulators. To work, you have to have open channels, collaborative process, avoid the creation of several subnets and elements that end up creating some kind of friction in the system and always keeping in mind the three questions: will you have less friction? Will it be cheaper? And will it be safer?. 

For Leandro Sciammarella, a specialist in blockchain and tokenization of the Nuclea, there is a confusion in thinking that we should do everything all chain, since there are parts that are not present in this structure. “I believe still a lot in the hybrid model, we have to put Blockchain or DLT where it adds value”, he defends. Sciammarella also stressed the importance of thinking about the field of disintermediation, formed by several other fields. “There is a second step, which is to go deep into the scenarios. There is a charge of using the technology soon, but we have to take care not to disintermediate everything, but to find the points of evolution.

George Marcel Smetana, an innovation specialist at Bradesco, points out that “there is a fallacy in the world of blockchain: the” intermediation.The executive emphasizes that first you need to think about the requirements, and then about technological solutions. “It is not a matter of having a central depositary or not, I think more about the issue of accountability than about the technological infrastructure”.Setana points out how great discomfort in the perception of value, remembering that competition is responsible for reducing price.

In fifth panel of the day, “Practical blockchain applications in the regulated market and implementation challenges”, the partner and Head of Market Infrastructure of BEE4, Paloma Seville, brought the experience of the company to explain the potential benefits of this innovation. “We have an opportunity for optimization with this new technology. The reconciliation that was previously done on the day with blockchain, this is done in real time, so with each transaction I have, I am impacting the position of each individualized wallet, of each committee. You do not have to wait until the end of the day to do this processing, you can, throughout the day, already realize some efficiency, already reduces this disparity, already brings some risks and it.   

The mediator, Cesar Kobayashi, Superintendent of Tokenization and New Assets of the Core, pointed out that the financial system is 'all about’ integration and connectivity. “E naturally blockchain brings a technological paradigm of doing this in a different way 'and through this different way also put other benefits, such as programmability and automation”, he said. 

CVM Director Marina Copola explained that innovation processes happen with some frequency in the financial capital market & this comes in cycles, as is happening now. “The good side of this is that it is not the first time that regulators are dealing with a cycle of innovation. So how to go through this cycle receiving these advantages, benefits, with security, transparency, privacy, but without giving up those that are the guiding pillars of capital market regulation since always?” 

The Cooperation Agreement between CVM and the National Federation of Associations of Central Bank Servers (Fenasbac) on innovation was also signed (Fenasbac). 

In closure, the Vice President Finance, IR and Legal of the Center, Joyce Saika, highlighted the importance of integrating the agencies in this advancement of legislation. “We need this community for us to continue discussing, because this collaboration is very important for regulatory advancement in Brazil, being a global reference in the adoption of these new technologies”. 

“It is a privilege to participate in such a relevant event for the market, not by chance at the CVM headquarters, addressing such important aspects of DLT use in infrastructures and regulated participants.The panels gave space for discussions on the potential of applications, considering the implementation challenges in a technical and pragmatic way, considering the dynamics of market operation and regulatory concepts”, says Patricia Stille, co-founder and CEO of BEE4, as a balance of the event. 

Tokenize 2024 “Blockchain in infrastructure of regulated markets: challenges and opportunities” is a Core event, a reference in infrastructure solutions in digital transactions and data intelligence, together with Febraban and institutional support from CVM.

Schedule
During the morning, the event began with the president of CVM, Joao Pedro Nascimento, followed by the first panel, “Digital Assets Regulation: How to establish standards for the future?”, by himself and with Joaquim Kavakama (Nuclea), Luis Vicente de Chiara (Febraban) and Carlos Ratto (Safra), moderated by Antonio Berwanger (SDM). 

Then, the panel “Blockchain in the Capital Market Value Proposals that justify strategic decisions”, moderated by Rodrigo Furiato (Nuclea) and with the participation of Andre Dare (Nuclea), Daniel Maeda (CVM), Antonio Marcos Guimaraes (Central Bank of Brazil), Eric Altafim (Itau) and Joao Accioly (CVM). 

The discussion that followed was about “transition of exchanges to D+1 and the potential of DREX in the settlement of” securities, with Patricia Stille (BEE4) as mediator and Andre Portilho (BTG Pactual), Marcelo Belandrino (JP Morgan), Margaret Noda (CVM) and Otto Lobo (CVM) as panelists. 

In the afternoon, the panel “Mitos and Reality on the use of Blockchain in Regulated Market Infrastructures” took place, with Felippe Barretto (CVM) as mediator and Leandro Sciammarella (Nuclea), George Marcel Smetana (Bradesco), Guto Antunes (Itau Digital Assets) and Jochen Mielke (B3 Digital).

In the fifth panel, the theme was “Practical blockchain applications in the regulated market and implementation challenges”. Cesar Kobayashi (Nuclea) will mediate the conversation between Marcio Castro (RTM), Paloma Seville (BEE4), Marina Copola (CVM) and Andre Passaro (CVM). 

To close the event, the closing discussion was about the “Regulatory agenda to accelerate innovation and development of the” market, with Joyce Saika (Nuclea), Alexandre Pinheiro dos Santos (CVM) and Luis Vicente de Chiara (Febraban).

Service 
TOKENIZE 2024 – “Blockchain in regulated markets infrastructure: challenges and opportunities” 
Implementation of the Center and Febraban and institutional support of CVM 
Date: october 10 
Schedule9 Hours to 17h