Blockchain will force several industries to rethink their businesses

2017 was the year of Bitcoin and this generated many expectations about the benefits that Blockchain technology could bring to other areas such as transportation, government, logistics or commerce. "Appeared in 2008, through an academic article by Satoshi Nakamoto, blockchain is technology, or a confluence of technologies, behind bitcoin and other cryptocurrencies.This is a value transfer system without an intermediary, such as". a large accounting book distributed in a peer-to-peer (P2P) network that integrates cryptography, a governance system, validation laws and a consensus mechanism, "he explains. Lucas Jolías, director of Prince Consulting, in a webinar organized by 5G Americas

According to the expert, blockchain offers a new model of distributed Internet, far from the client-server model.By enabling the creation of unique digital badets , which can not be reproduced, this technology gives way to what some authors call "Internet of value" .

For its part, José Otero, director of 5G Americas for the 39; America Latin and the Caribbean stated that "technologies such as blockchain and the Internet of Things (IoT) will need a technological platform robust enough to carry all the mbad of traffic that we will have in the future. In the short term, this technology platform in the wireless part will be 5G; For this we need the radio spectrum. "

Otero pointed out that" in densely populated areas, in addition to the frequency of 1960 MHz International Telecommunication Union (ITU) are required for the first four mobile generations, when talking about 5G , it is expected that in these densely populated areas, between 3.3 and 18 GHz will be added to the spectrum that operators have. This is a big challenge for Latin America and the Caribbean. "

Beyond Cryptocurrency

One of the features of the blockchain is that it allows to allocate, through a decentralized system, the exclusive property of A digital badet According to Jolías, some applications that are seen are the function of digital notarization, ie the certification of information, with the certainty that it will remain unchanged in the time. " Some states in Latin America are beginning to use it as a mechanism to certify certain processes documents or public information, as, for example, the portal of public procurement of Chile . This is the first layer, or the tip of the iceberg, of blockchain. "

According to the expert," the second major application is tokenization or the possibility of converting digital goods into unique goods. Some countries are beginning to experiment with their jobs to obtain a land title or automobile title. Tests are also carried out for the use of block chains in distributed energy production systems, for example in Brooklyn, New York; and in logistics, for traceability of diamonds, and for traceability and certification in the handling of pork. Also in Argentina, the city of Bahía Blanca (in the province of Buenos Aires) conducted a pilot test for the delivery of certified blockchain subsidies. And also in Argentina, the official bulletin certifies with blockchain as a digital notary. "

In the opinion of Jolias, blockchain is" a disruptive technology at least that forces some institutions to think about their service, and the banking world has shown it. Beyond the impact that this may have, it is clear that banks are interested in this new technology and how to reduce their transaction costs and provide better services. It can also be a disruptive technology for other sectors of commerce, the economy or the state. Argentina, Mexico and Chile are some of the countries that have been encouraged in the first place to perform certain tests with this technology. These are countries, especially Argentina and Mexico, which have a very strong ecosystem of cryptocurrencies. "