Bebe Pueyrredón, CEO and Co-founder of Bombo
In recent days, the volatility of the crypto market has made headlines again, partly driven by recent events involving the President of Argentina. This has reignited the debate about cryptocurrencies, as if they were the only possible destination for those using blockchain technology.
However, the Web3 industry—composed of developers, startups, and specialists who advocate for decentralization and transparency—has spoken up to highlight Argentina's potential as a productive hub in this technology. This focus opens a broader discussion about the uses of blockchain that go much beyond financial speculation.
Blockchain is not a passing fad; it is a powerful tool for ensuring transparency. It allows for immediate transactions without intermediaries, ensuring that agreements and transactions cannot be manipulated. Its decentralized nature makes it extremely secure: the information is not concentrated in a single server but distributed across global nodes, making any attempt at breach difficult. Additionally, the stored data is immutable and publicly accessible, reinforcing its reliability.
A recent example of its impact was the $LIBRA case, where blockchain allowed for the quick identification of a fraudulent pump & dump and rug pull maneuver. These practices involve artificially inflating the value of an asset to attract unsuspecting investors and then abruptly withdrawing the invested money, leaving buyers with worthless assets. Without this technology, the investigation would have been trapped in legal timelines or the restricted access of banks or brokers. Blockchain, by being public and transparent, allowed for the tracking of fund movements in real-time and exposed the scam before it could spread further.
But its reach goes beyond the financial sector. Blockchain is transforming how we interact as digital citizens. Smart contracts enable automatic execution of agreements without intermediaries, optimizing processes like identity verification, document management, payment of music royalties, or even the management of rental agreements. In voting, this technology could ensure transparent and secure elections. In health, it would allow patients to have absolute ownership of their medical records and access them from anywhere in the world with complete security.
In Argentina, an active community of specialists is already working alongside official bodies to develop adequate regulatory and technological frameworks—such as regulatory sandboxes or special economic zones. Recent controversies around cryptocurrencies demonstrate that the focus should not solely be on the financial value of a token or digital currency but on how blockchain can build resilient systems that transform entire industries.
In a world where trust is a scarce resource, this technology offers a solid foundation for building a fairer and more efficient digital ecosystem. The key is to look beyond prices and focus on its ability to generate real and beneficial solutions for all.
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