Is blockchain technology essential for the Fourth Industrial Revolution in Latin America?


The Fourth Industrial Revolution has arrived, and with it, a wave of disruptive technologies that are transforming the way we live, work and interact, in this context; the role of technology  blockchain  is especially critical in  Latin America .


In the midst of this technological revolution, technology  Blockchain  stands out as an essential tool to promote economic and social development in Latin America.


Blockchain technology as an opportunity for development in Latin America

Renowned experts, such as  Telefonica , Salesforce, the  World Economic Forum  and the  ECLAC , support the adoption of this decentralized technology as a catalyst to streamline data exchange, foster transparency, and improve efficiency in various sectors.


The technology  blockchain  was initially popularized by the   Bitcoin cryptocurrency , but its potential goes far beyond digital finance . Its immutable and decentralized nature allows for the secure storage and verification of information in a network of distributed nodes.


This quality makes it especially attractive for enhancing confidence and  security  in commercial and government transactions.


In the field of investment and financial decision-making,  technology  blockchain  can be a fundamental resource to combat corruption.  By offering complete asset traceability, it allows for greater transparency in the markets and  reduces the possibility of fraud or malpractice .


This is especially relevant in  Latin America , where corruption and lack of transparency have been obstacles to sustainable economic growth.


ECLAC (Economic Commission for Latin America and the Caribbean) has recognized the potential of technology  blockchain  and has presented a guide for smart government research and application in the region.


This guide highlights how technology  blockchain  and data analytics can strengthen governance and the generation of evidence-based public policies.


“Subsequently, the innovations promoted with technologies in the public sector were oriented towards what is called Smart Government, where open data, Big data, data science and technologies such as the Internet of Things and Blockchain are the ones that allow the delivery of services, the development of public policies based on evidence”.


In the business field, Salesforce, one of the leading companies in CRM solutions ( Customer Relationship Management ), has promoted a  ethical and responsible approach to AI, Big Data and technology  blockchain .  The adoption of this technology in their platforms can help companies improve their management in different sectors.


However, Salesforce also points out that public distrust of data sharing is the main obstacle to a technology-centric economy.


Salesforce blockchain technology Latin America.
Source: Salesforce.

“Solutions such as blockchain, AI, the Internet of Things, cloud computing, robotics and automation can be perfectly implemented in industries such as healthcare, manufacturing, food, transportation and others, but in all sectors. cases, to work they need to be developed in a framework of trust between the parties.”


Latin America: The Fourth Industrial Revolution would come hand in hand with AI

The  World Economic Forum  has also expressed its vision on the future of skills education in  cryptocurrencies  and technology  blockchain .


In their discussions at Davos 2023, the transformative role of the latest technologies in financial systems was highlighted, as well as the importance for Latin American countries to prepare to take advantage of their benefits and face the strategic challenges to implement an industry 4.0 in Latin America.


“A programmatic proposal of the basic contents in the development of the new digital competences that should be offered at this first level include: statistical analysis; audiovisual editing; cybersecurity; computer programming; and cryptocurrency management.”


The entity also  highlights  that while the underlying technology of cryptography and  While blockchain  is generalizable to all industries and coordination activities (collectively, the building blocks of  Web 3.0 ), experimentation in the core of financial services, among other sectors, continues unabated.


The combination of technology  blockchain  with  artificial intelligence (AI)  enhances its impact on the Fourth Industrial Revolution even further. AI can analyze large volumes of data coming from the  blockchain , allowing to identify patterns, make more informed decisions and develop innovative new products and services.


The Latin American region has already begun to take steps towards the implementation of this technology.  MedellinColombia , was chosen as the headquarters of the first Center of the Fourth Industrial Revolution in Latin America. This center will focus on promoting the adoption of technologies such as  blockchain  and artificial intelligence for sustainable development in the region.


Technological and financial disparity as detriments for the Fourth Industrial Revolution

One of the highlights of the technology  blockchain  in Latin America is its potential to boost financial inclusion. Millions of people in the region do not have access to traditional banking services, but many of them have a mobile phone.

The blockchain market size is estimated to grow to around $94 billion by 2027.
The blockchain market size is estimated to grow to around $94 billion by 2027. Source:  Statista

The technology  blockchain  allows the creation of decentralized and secure financial systems, which  facilitates access to financial services for those outside the traditional system.


However, while the potential of  technology  blockchain   is promising, there are also significant challenges that need to be addressed for its widespread adoption. Technology infrastructure, regulation, and human resource training are some of the key areas. The above must be strengthened to ensure a successful deployment.


The technology  Blockchain  is presented as an essential tool to promote the Fourth Industrial Revolution in Latin America. Its ability to streamline data sharing, improve transparency, foster financial inclusion. Likewise, to promote innovation, they make it a key element for economic and social development in the region.


Collaboration between governments, companies and civil society will be essential. It will be, mainly to fully harness the potential of this technology and ensure a prosperous and equitable future in the digital age.

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