EDITOR ’ S QUESTION

In the last decade , people began to talk about one of the most important contributions of open source , Blockchain , but it was only until 2013 , when its use was strengthened and widespread , with the financial sector being one of the main users of these technologies due to its benefits .

Blockchain or chain of blocks is a type of network whose distribution facilitates the development of technologies such as cryptocurrency and what is known as the Internet of Value . It offers the possibility of reaching very high-security levels if we compare it with other technologies , which is why its use is so desired . Among the main uses we find :

Interbank transactions

Banks and credit card operators are using some Blockchain implementations like Ether for payments , digital assets , information recording and transaction tracking .

There are two types of digital assets : resources that represent a real asset digitized as financial security , the title to an asset such as real estate and those that have been digitally created and have value , such as a photograph . It is important to note the characteristics that digital assets have :

• Ownership : they belong entirely to the owner

• Traceability : Your history can be verified

• Negotiation : They can be exchanged

• No replication : They cannot be duplicated .

• Digital CVV : Generation of dynamic CVVs to avoid fraud .

• Digital Wallets : To safely store credit cards or digital money .

• Wearable payments : Use of wearables to pay , in

P2P

some touchless situations .

Blockchain is transforming P2P communication models , in which the central entity that controls communications is omitted , and a distributed model is generated that allows these to be decentralized . Blockchain is the technological solution that has provided security capabilities , no replication , traceability , no transactional repudiation or membership , among others .

Unquestionably , although its use is still timid , there are many banking scenarios for Blockchain , as well as in other areas of the financial industry such as insurance , reinsurance , money desks , etc .

In conclusion , Blockchain technology offers an innovative platform for a new decentralized and transparent transaction mechanism in industries and businesses . The inherited features of this technology enhance trust through transparency and traceability within any transaction of data , assets and financial resources .

Despite initial doubts about this technology , recently governments and large corporations have investigated to adapt and improve this technology in various application domains . There is still much to know , explore and take Blockchain to another level . p

Payment methods

The impact of technologies on payment methods has been so important that it is used in financial solutions that enable updated and new capabilities to face industry challenges such as :

JAIME BEJARANO , GENERAL MANAGER OF RED HAT FOR

COLOMBIA AND ECUADOR

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