Blockchain entrepreneurs predict that this technology will transform many fields of business in the short term

To speak of blockchain technology is no longer to speak of the future; blockchain is a reality that is here to stay and that will contribute to transforming many fields of business. This is the main thesis agreed upon by the participants of the second lecture in the series “Discovering the blockchain” organised jointly by the Faculty of Economic and Social Sciences and the Alumni&Careers Department. Under the title “Generating added value through the blockchain: uses in different sectors”, the event was led by Francisco Leyton, head of Product & Business Operations at Aurus Technologies; Edgar Jordà, CEO of Hashing DNA; Danyil Shatko, CEO of LitLabGames and Xavier Vilanova, lawyer at Abast Global Legal and former student from the Faculty of Law. The event was moderated by UIC Barcelona's head of the Rector's Office and Director of External Relations, Laura Rubio, and lecturer Pablo Agnese. 

During this latest lecture, audience members heard success stories about blockchain technology that are adding value to different economic sectors. Francisco Leyton posed the example of the company Aurus Technologies, which offers solutions based on the conversion of precious metals (gold, silver and platinum) into digital assets in order to open up business and investment opportunities for new clients. “Blockchain and cryptocurrencies are going to democratise monetary systems, just like Google democratised access to information”, he said.  

Edgar Jordà explored the transformations that are already taking place in the world of business thanks to the certification processes that the blockchain has introduced. He illustrated this by explaining some services that are already being offered in the business environment, including systems to prevent fraud in the employee clocking-in process or in the field of health insurance. “This technology is a catalyst for the transformation of many traditional businesses. It is a priority for Europe to validate these procedures in order to remove regulatory obstacles”, he said. 

Danyil Shatko explained the revolution that the video game industry is undergoing thanks to blockchain technology, insofar as players can now monetise their gaming skills and earn money while playing from anywhere in the world. “Cryptocurrencies are democratising this sector, which is one of the fastest growing sectors in the world today”, he said. 

In his talk, Xavier Vilanova, a lawyer specialising in new technologies law with experience in the implementation of innovative structures in blockchain ecosystems, explained some of the regulatory obstacles that investors encounter at the regulatory level. In this regard, he said that traditional banking is an obstacle to the development of blockchain technology today, because it sees it as threatening its business model. “Everything is moving very quickly, and some countries, including Andorra, have taken a cautious approach. Others, such as Portugal, Dubai and Estonia, are becoming increasingly advanced and more involved in regulating the sector”, he said. 

Finally, lecturer Pablo Agnese, commented on the value of the blockchain in democratising the financial investment sector and also highlighted its potential for a more equitable redistribution of global wealth. “Millions of people around the world are unbanked and the blockchain is a great opportunity for them because they will be able to invest in financial products from anywhere in the world using their smartphones”.