Imagine a city based on blockchain. That was the challenge for a number of tech experts, entrepreneurs, and thought leaders who gathered in Santiago, Chile, for an open learning initiative. In Latin America, Chile has been at the forefront of this disruptive technology.
Marco Alarcón, chief blockchain architect at the Santiago Stock Exchange took part in the program. He’s working with IBM to implement a private blockchain to manage the trading of information at the stock exchange between securities lenders, banks, regulators, and institutional clients. It will reduce the time it takes to do back-office processes by 40%.
“It’s a very exciting project for Chile. I see blockchain as an enabler of new opportunities and new businesses.” Mr Alarcón said. The program will go live in May, and could eventually connect Chile’s stock market with those in Peru, Colombia, and Mexico.
The event, which took place in the Chilean capital last week, formed part of Allianz’s Global Explorer Program, which is a series of global and local partnerships, digital and physical activations and crowd-generated content platforms.
Another thought leader who took part in the panel discussion was Guillermo Acuña, co-founder of Cumplo.com, Latin America’s leading crowd-lending platform, which has issued $300 million in loans since 2012. His company is beginning to implement blockchain technology.
“Why blockchain? Right now we’re only in Chile and we want to become a global company. And the only way to become a global company is to have technology that enables you to be anywhere in the world.” said Mr Acuña. He added: “I think the Allianz Global Explorer Program is a very good initiative because it gathers people to talk about new and emerging technologies that are going to change how we see the world and collaborate as humans.”
Entrepreneur Gabriel Gurovich, who also attended the discussion, said: “The biggest potential for a city like Santiago – which has all of the difficulties that a big city has like traffic jams and pollution – will be to rely on something which is trusted and organized by the crowd.”
Local blockchain expert, Cristobal Pereira, said the technology has the potential to transform everyday life in the future. He gave examples about how it could store medical information, disrupt real estate, prevent theft and fraud, and potentially replace identity documents. “In the future, blockchain can replace passports, identity cards, and driver licenses because all the information will be stored in your own digital wallet so that information you can manage and you can deliver to any part of the world”.
Per Håkansson, who moderated the discussions concluded: “It’s been very exciting to learn about how Santiago can be re-imagined using blockchain and also looking at the future visions. It’s all about fostering the community that’s creating new applications for this technology.”
The Allianz Global Explorer Program is running alongside the FIA Formula E Championship which made its debut on the streets of Chile’s capital on Saturday 3rd February.
Adrian Smith, Head of Editorial, TheNewsMarket.
