Blockchain increases security in financial processes: Deloitte

Blockchain or blockchain technology is one of the main strategic priorities for 55% of companies, 77% corresponds to financial technology. Applications of this technology can be used in various processes related to security and accounting, according to the consulting firm Deloitte.

One of the main advantages occurs in transaction processes, since as a single list, it eliminates the possibility of duplication of effort, in addition to the fact that the record becomes unalterable once the transaction is completed.

“Transactions are safer with this technology, because movements cannot be edited, one of the current problems is that the systems are client, server. You connect to the bank, send the information and they return it. If the bank’s server is modified, errors occur, such as depositing many people,” said Darío Vargas, an expert in digital transformation and information security.

The Global Blockchain 2021 survey, carried out by Deloitte, revealed that 73% of those consulted agree that they will suffer a loss of competitiveness if they do not adopt blockchain and its applications, in addition 36% consider that digital assets will have a significant positive impact on their access to funding sources.

“This technology is useful with the generation of products that are natively digital. Financial institutions already offer many of these products, such as remote account opening and identity validation processes. The services that use blockchain gain security because they redistribute the information”, commented Darío.

For 39% of those surveyed by the consulting firm, one of the main roles of digital assets will be access to decentralized financial platforms, although 68% believed that to facilitate the adoption of this technology it is necessary to establish rules related to security and privacy. of data.

Beyond cryptocurrencies

The specialist explained that blockchain is commonly associated with cryptocurrencies, although the scope of this technology is beyond these digital assets, the principles of accounting and transparency can be transferred to other applications.

“With blockchain technology, the record of transactions is sent at the same time, the participants of this network are known as nodes, when there is a group of companies of individuals that are formed to generate a blockchain chain, what they do is generate a shared information network,” he explained.

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