Uruguay is starting to “awaken” to the blockchain world

RIO DE JANEIRO, BRAZIL – Blockchain Summit Global, which was launched in 2018, seeks to contribute to the mass adoption of these technologies through a number of conferences that will feature local and international experts.

Government officials such as the Minister of Industry, Energy and Mines Omar Paganini, will speak at the event, as well as other business referents such as Gabriel Kurman, who will discuss opportunities in Uruguay.

Experts in the field will address the adoption of NFTs (non fungible tokens). This is a special type of cryptographic token that represents something unique. Being non-fungible, if one has a 20 peso bill, one receives two 10 peso coins and they will have the same value. In the case of a non-fungible token this is impossible: it means that it has unique properties and cannot be exchanged.

Five people will talk about this topic and its adoption in e-sports, art, marketing and more.

In addition, experts in legalization will also be speaking and there will be panels discussing different aspects of this technology.

WHAT IS BLOCKCHAIN

One of the event’s directors Ignacio Varese explained how much this topic is impacting the world: “Blockchain is one of the disruptive technologies that are sounding very loud nowadays and are impacting people’s lives. It is changing the concept of many business models.”

This technology was born from bitcoin, created in 2009. “It is the first completely decentralized, digital cryptocurrency. That is, it does not depend on a company, government or central body. Security is provided by thousands of computers distributed worldwide,” Varese said.

The main feature is that the data stored cannot be erased or modified. “Therefore, if we take the blockchain success story, which is bitcoin as a cryptocurrency, if I have one in my property, I can send it to someone else and it no longer belongs to me. Thanks to this technology I can send it and it no longer belongs to me, but to someone else. And all the data is stored in this network. I can assure that no one can modify or delete them,” the expert pointed out.

URUGUAY’S POSITION

According to Varese, Uruguay “started to awaken” to this technology. This year has seen many local companies getting involved in the matter.

“If we compare it with other countries, we still have a long way to go. Somehow, we have a unique opportunity to be innovative and make a difference. We believe we are on time to be able to lead as a country and be a reference hub for blockchain-based projects,” he said.

The expert pointed out that it is in the “early” stages, although he perceives a “radical change” in 2021 regarding how some companies saw blockchain as something distant, but have now realized how it could impact their business model.

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