The time is ripe to put blockchain under the microscope in LatAm

Rarely a week goes by, it seems, without news of a financial services company leveraging blockchain in partnership with a tech firm.

Among those hitting the headlines recently is Santander, which launched an international payments service that uses xCurrent, a technology based on distributed ledgers owned by US cryptocurrency firm Ripple.

Insurance broker Marsh is also among those getting in on the game. In collaboration with partners IBM, standards-setting body Acord and supplier information management firm ISN, Marsh is using blockchain to develop a commercial proof of insurance solution.

In parallel, IMF chief Christine Lagarde has commented on cryptocurrencies, which blockchain technology powers. In a blog, Lagarde cited the potential benefits of cryptocurrencies, among them faster transaction speeds and increased business efficiency. Lagarde, who called for "even-handed" regulatory treatment of crypto-assets, had previously highlighted associated risks such as their potential use by money launderers.

Against the backdrop of these developments and others – such as a decision by Chilean banks to close the accounts of several cryptocurrency traders – Chilean blockchain solutions developer Mifutu.ro is organizing the first regional blockchain conference of its kind: Blockchain Summit Latam.

With speakers including Len Hause, senior technology advisor at the US Department of State, and Eric van Miltenburg, SVP of business operations at Ripple, the event will put blockchain and cryptocurrencies under the spotlight.

BNamericas spoke to Mifutu.ro co-founder and event coordinator Cristóbal Pereira to find out more.

* The event is being held in Santiago from May 8-9.

BNamericas: Why did you decide to organize a blockchain-focused conference?

Pereira: After we implemented our initial token of our decentralized crowdfunding platform Godzillion, we started to give talks, on a national level, about blockchain technology. We noticed that interest had grown and that the technology was drawing people's attention. Interest heightened further when people started to talk about the price of cryptocurrencies, citing 'bubbles'... That's when we decided it was necessary to put blockchain technology on the table, so that people understand its origin, its environment and its potential, both regionally and globally.

In the northern hemisphere they've already been working with this technology for five years, and, as a region, we can't be left behind. It's necessary that people understand what this revolution is about, and we still have time.

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BNamericas: At the conference there will be speakers from various sectors and segments, for example, cryptocurrency, banking, government, and academia. Why is it important to have such a mix of experts?

Pereira: It is important to understand the vision of each and every one of those involved in this technology. First, it is necessary to understand its origins and what have been its real-world applications. Companies like Ripple, NEO and Consensys will discuss the development of the technology from different angles. It is also important to know what banks think about the technology and their opinion on cryptocurrencies, mainly because of what's happening in Chile with the closure of exchanges' bank accounts. Indeed, hearing their views is extremely important.

In this way, people will realize that there are many entities, both public and private, that have adopted blockchain technology from different approaches and given validity to its use.

BNamericas: Would you say, then, in light of what has been happening in Chile recently, is now the perfect time to put blockchain and cryptocurrencies under the microscope?

Pereira: Of course. In terms of cryptocurrencies, we're at the point where we must decide, as a country, whether we want to be part of the group of nations that have adopted the use of them or whether we fall into the group of nations that have banned them.

Chile stands out internationally not just for its political and financial stability, but also for its status as one of those countries where it's easiest to build a business. Startup Chile is the best accelerator in Latin America and among the leading ones in the world.

I think that Chile, having done all this work, can't put the brakes on the various facets of this disruptive technology [blockchain]. More than US$2bn has been invested globally in its development and Chile could be one of those countries that benefits from this funding. We've still got time to put the technology under the microscope, so that everyone understands what it is, how it is used and what its potential is. Blockchain is like your imagination – it has no limits.