The Banking Association of Venezuela (ABV) recently organized the first seminar of new web business models, blockchain and digital assets.

They converged – for a week – national and international specialists, with the task of embroidering the challenges and opportunities that the universe of cryptoactives and blockchain technology brings with it for the financial system.

Educate the financial sector

Improvisation is one of the biggest risks. Many enter for fashion or by fast return promises without understanding the foundations. – Aníbal Garrido (UCAB)

Fundamental concepts such as consensus mechanisms (Proof of Work, Proof of Stake) and the operation of intelligent contracts, even concrete applications such as the tokenization of assets, wallets or digital wallets, the use of oracles in traceability or the management of decentralized digital identity, were analyzed in this seminar, which – it could be said – was an integral route through the crypto ecosystem and its uses in the financial industry.

pedro pacheco Rodríguez, executive president of the ABV, stressed what follows: “(The seminar) is a commitment to continuing education of the national financial sector in times of disruption. Investing in knowledge is to invest in the evolution of the system,in its ability to adapt to new realities and to meet with better tools the demands of the users of the sector.”

Banking and business talked – in exclusive – with the Aníbal Garrido engineer who not only participated as a speaker and entrepreneur of the ecosystem, but also as an active academic voice in the formation of new talents in the country thanks to its role of directing the only physical and digital academy of the country specialized in web 3 -based in UCAB.

The idea was to know his vision about the advances of the ecosystem and the role that bank can assume in this new scenario,the academic shared these impressions:

– What do you think are the three best practices in the crypto ecosystem for entities or individuals who wish to get involved with security and responsibility?

– First,informed self -ocustody: understand what it realy means to have control of your digital assets,learn to handle terms such as private keys,and to use devices with high security standards such as Wallet Hardware. Second, continuing education: this changes fast, and who does not keep updated can be left behind. verification and audit: any project or tool must be subject to transparency,open source and community or institutional review criteria.

– And what mistakes should be avoided at all costs?

– The improvisation is one of the biggest risks. Many enter for fashion or fast return promises without understanding the foundations. You also have to Avoid the blind delegation of confidence in platforms or supposed experts without verifying credentials or legal structure. And underestimate risk management, both technical and financial.

– There is a lot of talk about the impact of social networks and artificial intelligence in this ecosystem. What is your vision about it?

– Social networks are the par excellence channel to disseminate knowledge, share technical updates and strengthen communities. But they can also be manipulation and misinformation spaces. As for AI, I think its potential is huge, especially in the analysis of public blockchains data, in the detection of suspicious patterns or in the growth of personalized educational assistants for new users.

the Venezuelan case

– How is Venezuela compared to the rest of Latin America in the matter of regulation and adoption of the crypto ecosystem?

– Venezuela counts with one of the most robust and specific regulations in the world in cryptoactive matters. However, Its request is currently limited. The motorization of its application by the regulator must be central focus, obviously oriented in the concrete benefits that this technology can contribute to the country. If applied consistently, with emphasis on education and productivity, it could become a national and economic development lever at the national level.

«Unlike other countries in the region where adoption has been more voluntary or by market trend, and N Venezuela has been a true “use pressure”. This pressure, product of the inflationary scenario and macroeconomic instability, has generated accelerated popular adoption. The challenge is now channeling that experiance in institutional development strategies that integrate the strengths of the ecosystem for the benefit of the entire nation, “adds Professor Aníbal Garrido.

– and how can the Venezuelan banking sector benefit from all this crypto movement?

– The benefit is in strategic integration. Banking institutions can take advantage of technologies such as blockchain for Improve conciliation processes,traceability of operations,issuance of tokenized products or instant transfers of digital assets at very low cost. The key is to identify opportunities, form trained equipment and establish alliances with ecosystem actors.