Among so many trends that involve digital transformation, a technology has stood out as a beacon of security and innovation: blockchain. Its emergence in 2008, not only sparked the curiosity of specialists in the field, but also gained the interest and trust of business leaders around the world. But after all, what is the impact of this mechanism on the financial sector?
First of all, it is necessary to understand what this technology really is. Blockchain provides a decentralized architecture, eliminating the need for intermediaries. With that, 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 have led financial institutions to adopt this technology in their processes
This trend aligns with the increasing focus of companies on security, that became a significant factor in strategic decisions. To get an idea of this importance, according to the 1st stage of the Febraban Banking Technology Research 2024, carried out by Deloitte, blockchain is a strategic priority for 56% of Brazilian banks, reinforcing the relevance of this technology in the financial landscape
Thinking about it, one of the most notable examples of application in the financial sector is the transformation of payment and international transfer operations. Normally, these processes were expensive and time-consuming, requiring the intervention of several 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 the payments, the resource is revolutionizing the registration and trading of financial assets. The adjustment of actions, titles and other assets on blockchain-based platforms is faster, safe and economical, eliminating intermediaries and reducing the risk of fraud. Another example is the use of smart contracts to automate and ensure financial agreements, offering 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 that, the tool offers a robust solution, creating immutable and verifiable records.
The secret is in the encryption, a technology that converts information into codes that are difficult to decipher. Each data block functions as a digital vault, shielded 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 get 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 understand 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 structures, that are used to dealing with centralized intermediaries.Thinking about it, 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.
Even with challenges, the future in the financial sector looks promising. With trends emerging all the time, the tool has enormous potential to make 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 a greater democratization of services in the area
