Blockchain is gaining strength due to its potential to improve financial security, efficiency and transparency, says Koinbanx.
In traditional financial systems, the adoption of blockchain technology is increasing.
Especially in the banking sector of Latin America, to contain and reduce the commission of fraud, according to Koibanx .
This technology, he explains, is gaining strength due to its potential to improve sensitive points such as: security, efficiency and transparency in financial transactions.
In addition blockchain-based transactional
software allows traditional banking cores to expand their capabilities quickly, streamlining costs.
The firm, a provider of blockchain infrastructure for the Latin American financial system, explained.
According to 2020 figures, 60% of banks surveyed globally were actively exploring the adoption of this technology in their operations.
Another 24% had already implemented pilot projects or were in the process of implementing them, according to a survey conducted by PwC that year.
Blackchain reduces banking vulnerability
In Mexico, the relevance of applying blockchain lies in its great risk against cybercrime, which exposes the vulnerability of the traditional banking system.
According to a global study by cybersecurity firm Surfshark on the density of cybercrime, Mexico ranks ninth among countries most affected by cybercrime.
The most common crime germany whatsapp number data is phishing, while investment fraud has caused the most financial losses to users.
“More and more traditional financial institutions are integrating blockchain-based solutions to ensure greater security, agility and cost reduction.
“We are seeing this leap in innovation that banks want to make in the region.
“Since they find many advantages in taking part of their transactional processes to blockchain or Web 3 protocols . ”
Said Leo Elduayen, CEO and co-founder of Koibanx.
The company is implementing blockchain in:
Salinas Group in Mexico ,
Macro Bank in from links on other websites Argentina,
Davivienda Bank in Colombia,
Banco Cuscatlán in El Salvador, among others.
From 2020 to 2022, the National cz lists Commission for the Protection and Defense of Financial Services Users registered more than 391 thousand controversies due to possible cyber fraud in Mexico.
Last year alone, 62.3% of these situations corresponded to multiple banks.
The Latin American region has seen a 419% increase in attacks related to application programming interfaces (APIs) and web applications during 2022.