In a virtual conference, Professor Miguel Ángel Castro addresses the challenges and opportunities of emerging assets driven by technology.

By VALENTINA FLORES CÁCERES | EGADE BUSINESS SCHOOL

Blockchain technology and cryptoassets, despite the challenges they still face, have already assured a spot in the future of finance, observed Miguel Ángel Castro, professor at EGADE Business School.

In the virtual conference “Blockchain and the future of cryptoassets”, organized by Executive Education and EGADE Business School, Guadalajara, the expert stressed that the traceability of cryptocurrencies is unequivocal, which he views as an advantage regarding security issues.

"You can have traceability from one-hundred-millionth of bitcoin and know everywhere it has been and all its records,” he said.

Therefore, even though the owners might remain anonymous, all bitcoin transactions are public, traceable and permanently stored in the network, thanks to blockchain technology.

If bitcoins are used in fraudulent or illicit transactions, such situations can be reported and these cryptoassets will be “tainted”, Castro confirmed.

Efforts to regularize cryptoassets, he mentioned, include linking them to their owners by means of the latter’s CURP (Unique Population Registry Code), RFC (Federal Taxpayer Registry Code) or ID.

View the complete conference here.