What are the challenges to overcome?

This week Mercedes Van Rompaey, and Sergio Larafrom Human Connections Media, a data analysis and business solutions company, shared their vision about blockchain through Forbes Mexico, and spoke about the benefits, current affairs and challenges facing this new technology in the North American nation.

After exposing the basic concepts of this technology, its benefits and functionalities, the professionals made an outstanding reference comparing the arrival of the blockchain with milestones such as the integration of computers in domestic use or the development of the Internet, and in view of this They pointed out it in the first place as an essential system in the future for the Internet of things and that it will change the way we understand business and society.

“One of its greatest potentials is in the so-called Smart Contracts or intelligent contracts, that is, with blockchain technology, agreements and transactions can be made in a confident manner without revealing confidential information between the two parties and without the need for “arbitrators”, such as payments to distributors or, for example, renting a car online”they commented.

“Currently there are many projects and applications in which research is being carried out to implement the blockchain as a backbone, so it will soon be seen if it really becomes the technology of the future… The versatility of this technology is so enormous that it is difficult to think of an area that cannot be transformed by this idea.”they added.

Mexico and Latin America

Van Rompaey and Lara pointed out that although the use of blockchain in Mexico is relatively recent, there are today interesting examples of its application, in fact they also pointed out that its development is getting stronger day by day.

“It is a technology that has the capacity to solve political, social, industrial and economic problems, therefore, blockchain in Mexico has a great field of action, since it appears as a solution to corruption and lack of transparency. In addition, Blockchain in the industry streamlines procedures and reduces the margin of error”, they highlighted.

On the other hand, Van Rompaey and Lara mention that the companies that are using blockchain are those that are characterized by being in a stage of development with a lot of innovation and disruption, and are between one and three years old, with between six and ten employees. and with projected sales of less than 500,000 dollars in Mexico, a country that they classify as having a leading role in terms of development with respect to Latin America, given that, according to them, it has the highest percentages of companies based on blockchain.

The challenges for blockchain in Mexico

Regarding the challenges for blockchain technology in Mexico, the consultants first mentioned regulation as one. According to them, regulating a company that works with blockchain implies initially determining what type of company it is.

“The Fintech Law in Mexico speaks in general terms of the bases to regulate companies that work with cryptocurrencies, such as Bitcoin, however, blockchain cannot obey a single law, its regulation depends on the use that is given to blockchain”they explained.

Secondly, they pointed out the lack of qualified personnel, as the other challenge since it is a new technology that still has a long way to go, and therefore, training materials on the subject are still scarce.

“Many times companies that demand blockchain professionals are forced to resort to talent outside the country”they mentioned.

“The use of blockchain technology in Mexico is a promise of a financial revolution that is becoming more and more current, fulfilling its objectives of guaranteeing a simple, secure and reliable system. Everything indicates that more of this revolution will be seen in the country”noted the specialists.

Finally, and to conclude, they said that at the moment all of these ideas are mostly “projects in full development”so for them, the revolution, although possible, seems distant, especially when the intermediaries (in all areas), they indicated, have become an integral part of the economy and society.

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