The use of blockchain technology in business in Brazil was the subject of a panel at Futurecom 2019 in São Paulo. Representatives of two technology companies and a Brazilian bank commented on the challenges of this segment.
IBM is one of the companies that is watching over this. According to the company’s Blockchain CTO, Carlos Henrique Duarte, the blockchain technology would already be coming out of the valley of desilution – from Gartner’s hype cycle – and entering the curve of maturity.
One of the company’s developments was Hyperledger Fabric, a framework for developing business applications on blockchain. Another bet is to create a network with banks for international instant payments.
“The digital representation of money can be done by crypto, but if it involves exchange it has to be done with something other than crypto due to legal issues”, Duarte says.
For Bernardo Madeira, founder of Interchains, the use of blockchain in business should be thought to reduce the risk of companies’ operations and increase operational efficiency. First, you must identify the problem, then you must seek the solution, which may be blockchain or not.
Blockchain in business in Brazil still away from the banks
André Carneiro, from Itaú’s Emerging Technologies and Blockchain area, also sees the use of technology to improve procedures. “To think about using blockchain in business you need to look beyond transactions per second and payments. You have to see how it matches to other existing processes in companies to make them more efficient”, he says.
Banks, however, should still take time to use blockchain as a means of financial transaction. For Carneiro, when the government recognizes the blockchain and cryptocurrencies, banks will start using them. “It’s not the money from the draft beer we deal with, but people’s wages, the savings of a lifetime”, he says.
The executive mentions three pillars for the use of crypto to be unlocked: technology; legal issues, which means, solutions that does not give room for legal discussion; and business, in other words, more companies working in this area.