The "blockchain" or chain of blocks, data technology that makes it possible to manage information securely with a distributed, decentralized, and synchronized, registration will be the main tool in the sector of finance from 2020, according to experts.
This technology of storage and transmission of data, which are based on the criptomonedas or digital currency, is a trend that is becoming "mainstream" in financial applications and that, according to ensures the founder of Bitcoin Foundation, Jon Matonis, will be used "a large scale" in the sector by 2020.
"In the future, the money will flow through 'blockchain'", match the new director for Spain of Circle, José María Cobian, as well as other experts gathered at Moneyconf, event on the future of banking and Finance held recently in Madrid.
Chain blocks "will change mentality" of the sector by facilitating transactions, in the view of many analysts, and "improve" the financial system by causing to be "totally different, built on internet".
Disintermediation
Emerging companies engaged in the development of this technology "disintermediation" have already received more than 1,000 million dollars in investment, remember the experts, but they also recognize that "it will take time" its implementation among the institutions financial, which is beginning, because "it has yet to evolve the regulation".
In this field, the "fintech" are the most advanced, as 77% of them expected to adopt the "blockchain" as part of their systems or processes for 2020, according to a report released this week by the PwC consulting, while this percentage rises to 90% between the means of payment companies.
This new "technological layer", which "is not in the hands of the banks", as says tecnofinanzas Brett King expert, responds to a reality in which approximately 70% of customer interactions Spanish with their banks at the moment is through channels Digital.
Among the advantages of this technology, cited the speed, distribution and authentication of transactions without the intervention of any central authority, which allows a "decentralization of consensus" in which all participants are permissive, says the director of financial services of Worldline, Alberto Cerrada.
Also highlights its security, cryptography, and the distribution of information at various points on the network-based, making it "extremely difficult" falsification or deletion of a record by allowing the "traceability" of the information.
Consequently, among other benefits, the "blockchain" will reduce transaction costs and fraud.
The concept has "become a fashion" among financial institutions with initiatives such as the first banking consortium of "blockchain" in Spain, announced in may by Cecabank with the aim of "developing the potential of this technology" through the creation of applications, or the network Lyra, launched at the end of last month by companies in different sectors.
Lyra priority focuses on creating new systems and services, as well as to build a network of digital identity for individuals and institutions, as well as to operate and digitally sign legal form "and in real time", said the Executive of Sabadell, one of the impellers.
Also, entities such as Santander, BBVA, Bankia, BME and companies such as Cepsa, post, Endesa, Gas Natural-Unión Fenosa and Iberdrola are participating in this initiative of a network "neutral and independent", whose purpose is that anyone can use it to validate services and transactions, or to exploit applications in this environment.
Apart from these features, other sectors where the "blockchain" can have utility, according to the experts, are the toilet (as the base to share medical records of international form); of e-commerce (to facilitate the purchase and sale of products); or on the Internet of things, to facilitate interaction between machines or the connected car.
