It is impossible to imagine the future of banks without keeping in mind blockchain technology, also called blockchain (see explanatory infographic).This information system, which rose to fame for being the "accounting book" that records all the operations of the bitcoin network and the rest of the digital currencies, promises to be one of the protagonists of the paradigm shift, providing greater efficiency, transparency and security to different processes of the financial system.In that sense, although in a very incipient way, some entities have already started using this tool in the country, while others are studying it to add it to their daily operations. All, however, agree on something: the enormous potential it has for the banking business.The Central Bank, in parallel, is analyzing the benefits that this innovation brings to bank compensation, an issue that is periodically discussed in one of the four working groups that make up the Financial Innovation Board."The blockchain system goes far beyond bitcoin. The financial industry will bring great improvements in the safeguarding of information and, above all, in terms of smart contracts," Crisanto Ayanz, Products and Digital Transformation manager, tells iProUP from Comafi Bank.The entity, which has been advancing in its digital transformation process, has its adoption in the portfolio because it knows that, sooner rather than later, it will have to incorporate it so as not to fall behind in the field of innovation."The banks will start mixing financial assets with blockchain or we will directly sell digital currencies when regulation allows," Ayanz anticipates. In addition, it highlights that it will provide better levels of security thanks to its encrypted system."All the information will remain stored on many sides at the same time and this will facilitate any contingency plan. That is, the data will be protected against eventual system collapse," he says.Another aspect in which the blockchain is key is in the development and use of people's virtual identity. The Comafi Products and Digital Transformation manager believes that it makes no sense that someone who is a client of more than one bank has different keys for each one (Argentines operate with two or three entities on average)."It makes sense to think of a digital identity that can be protected under a blockchain system. Thus, for any type of transaction that wants to be made it will only require a single password, token or biometrics," says Ayanz.One of those who is already working on implementing this tool is the Province Bank. "We are seeing projects for money orders, remittances and different operations that will go under a blockchain platform, since it provides security in all transactions, lowers costs and is interoperable between several networks," says Luis Regueira y Piñeiro, Digital Transformation and Innovation Manager of the Buenos Aires entity.In addition, the bank is also making progress in the field of payment methods. Specifically with the platform called DNI Account, which will be mounted on blockchain, says Gonzalo Diz, general manager of the Business Development Area of ââBAPRO, who adds: "Sociabiliza the security of the system."As José Marcos González Pereira, head of Electronic Channels of the BIND explains, this tool has an endless number of utilities and advantages that it can bring to the financial system: "It is very interesting the ability it has to verify and certify that a given event took place" .Also, "blockchain makes it possible to orchestrate smart rules, such as validating that all conditions are met so that a given operation can be executed and that it is perfectly registered," says González Pereira, and remarks: "To the banks, the Smart contract concept will be more than beneficial. "For the BIND executive, this system (which is growing by leaps and bounds globally) "will make a great contribution to financial technology, since it allows solving several of the current problems," says González Pereira, in dialogue with iProUP."Whenever you want to make a transaction log between two or more parties (without a centralized entity) you can use blockchain system. In addition, in operations involving two banks, both parties can validate their use," Carlos Toledo tells iProUP, Chief Strategy and Innovation Officer (CSIO) of Accion Point, leader in IT solutions for companies. This company maintains an alliance with Bitex for the development of transfers of digital currencies abroad.In these operations, Toledo explains, they replace SWIFT (the traditional interbank communications network used for transfers): "An exchange from this country is used, digital currencies are bought, sent abroad and then converted into the currency that one want"."We are working with Bitex to integrate that process with our core banking," says the expert, who participates in the BCRA Financial Innovation Board, within the "Blockchain Solutions" working group.For now:- The bank Más ventas began to offer with Bitex the possibility of buying and selling virtual currencies, being one of the pioneers. "It allows you to reduce costs associated with international transfers, since there are no banks that act as intermediaries," they explain from the entity.- In the Supervielle they are analyzing the blockhain benefits for daily operations with users. "We are considering their use for smart contracts. Our clients could upload them to a digital archive and talk to each other. We know there are many opportunities," says Eduardo Allende, executive manager of the Digital Banking- In the Hipotecario and Patagonia they also know the potential. "The blockchain is part of our roadmap. We are seeing all its advantages to implement it within the different businesses," said Guillermo Mansilla, Hipotecario Retail Banking Manager, interviewed by iProUP- Gerardo Aguzzi, Superintendent of Technology, Communications and Systems of Patagonia, anticipates that they are analyzing "the infrastructure that supports digital currencies, such as the blockchain, seeing what specific use can be given for financial services."- Itaú received proposals from companies to offer, from the bank's platform, access to bitcoins and other assets, although agreements have not yet been concluded. "On issues of innovation, we have to choose where to focus and now we are with other projects," said Rodolfo Ricci, Director of Operations, IT, and Banco Digital del Itaú.- Gonzalo Díaz Solá, responsible for electronic banking and digital channels of ICBC, indicates that the blockchain is a technology capable of being incorporated into its processes with companies. "The idea is to analyze how processes that the bank implements today, such as services with companies, could be accelerated," says Díaz Solá.Regarding the use that banks in the world give to cryptographic tools, Toledo, from Accion Point, highlights the case of Corda, the platform developed by a consortium of more than 70 financial institutions around the world."There, the banks implemented their own blockchain to record transactions. Corda is a technology available to all but financed by banks," says the expert, who sees the blockchain, smart contracts and digital assets as effective means to raise funds and accelerate projects of SMEs and entrepreneurs.In Spain, BBVA implemented the blockchain platform for corporate loans, an initiative that was awarded by the British magazine 'The Banker' for the ability to "improve efficiency and transparency" in the processes of negotiating corporate loans with its clients."You have to draw a line in what is the sector banks and fintech," says Toledo. The latter, because they are not regulated, have more room to do blockchain operations, such as crowdfunding. "At the banks level, it will depend on the advances of the BCRA, which is analyzing this tool in its Innovation Board," says Toledo.As explained by entities and specialists, there are many benefits that could bring to the financial business. The BCRA works with the main market players to incorporate these processes into daily operations. The road ahead is long, but without a doubt it is with the blockchain system as a great ally.