As some brazilians may have seen on the news, the Brazilian Central Bank have released its brand new payment system called "PIX".
This system is an instantly payment system that gonna arrive in october of current year . Its a very important mark on national payment system since its current limitations of time for transactions. It's main goals is: availability, speed, convenience, security, open environment, multiple use cases and data flow. It will work with new payment methods like QR Codes, using a phone number, the identification number, providing an e-mail or through wireless technologies based on NFC, simplifying the whole process of transfering money. It may work as easy as paying someone with cash.
"Alternatively, payment can be initiated by reading a QR Code presented by the receiving user. The QR Code standard will be established in order to allow it to be read from any type of smartphone, including the simplest ones."
Till now, in Brazil we can only make transactions during what is called 'banking hours' that is between 10am to 16pm, only during business days. The transactions has evolved and now its not taking too long, but it can take a day to finalize the process.
This is where the blockchain technology comes. We've not many details on what this new system is based, but we know that the financial institutions realized that they need to move forward and evolve to keep on track. One great feature of the blockchain is that it does work 24 hours a day, 7 days a week, and other is the speed to complete the transaction. So, it brought the financial institutions to rethink about the current system, which is being left behind due to the technological advancements.
What we can see is that the blockchain tech is changing the future of the world. And even it does not be the tech powering the world, it had a great importance on transforming the world. Lets hope the blockchain tech and the crypto in general take its place on the financial market and take its freedom to the whole world.