LatAm continues to be a pioneer in the adoption of web3 technology and reaches a new milestone with Koibanx, a leading company in blockchain payments infrastructure, which has submitted three inventions to the Patent Cooperation Treaty (PCT) regarding the application of this technology to the payment system.
Blockchain technology continues to set milestones worldwide, and Latin American is consolidating as the fastest-growing market. A report by 21.co affirms that the tokenized assets industry could reach $10 trillion in this decade due to the ongoing adoption by traditional financial institutions of this technology.
This paradigm shift in the functioning of traditional institutions correlates with the increase in digital transactions throughout the region. According to a study by Mastercard, in 2022, these operations recorded a 19% increase. Additionally, in 2023, the Central Bank of Argentina reported a 120% increase in transactions carried out through virtual wallets. In Colombia, according to information provided by the Financial Superintendence, the digitization of user transactions exceeded 50% of the total operations executed in the financial system.
In this context, innovating and making use of emerging technologies becomes crucial to offer new solutions, and this is how Koibanx, just over 8 years after its founding, is once again a pioneer in the region by applying for three international patents for transactional technology on blockchain applied to the financial system.
“We are proud to take this significant step because it not only demonstrates our constant commitment to innovation and value generation for the banking and financial sector, but also provides us the opportunity to open up and conquer new markets and develop new business models. If we obtain these requests, we would be reaching a milestone that to date has only been achieved by major players like SAP or Bank of America.” explains Leo Elduayen, CEO, and Co-founder of Koibanx.
In this regard, María Ximena Borrás, an expert in intellectual property and CEO of Scientifica, states: “With these unique and innovative international applications, Koibanx positions itself as the first company in the region to file this type of blockchain patents. This demonstrates its maturity and differential, not only from a technological but also strategic point of view. Additionally, it is a clear example of the company’s role in developing blockchain-based payment infrastructures for the region’s financial system.”
BLOCKCHAIN PATENTS AND DEVELOPMENTS FROM LATIN AMERICA TO THE WORLD
The patents submitted are part of the company’s intellectual property asset portfolio developed since its inception and cover multiple blockchain applications primarily aimed at the financial industry. The topics for which protection was requested are:
1- Apified financial asset tokenization framework: Facilitates the tokenization of financial instruments and their respective operation as digital assets on blockchain protocols, without having to know in-depth or interact with “smart contracts programming.” The invention would enable a unique, audited and tested “low-code” interface to massify the adoption of the digital assets in the financial system.
2- Automated clearing and settlement system (transactional accounting): Method of settlement and reconciliation of accounts between different and defined entities, which provides a transactional alternative that guarantees lower costs compared to the traditional financial mechanism combined with automatic and transparent transactional traceability for the parties involved.
3- Loyalty system based on specific user profiles: Behavioral analytical engine of the user’s financial activity that automatically defines and generates transactional rewards through web3 assets.
The patents submitted will facilitate and accelerate the comprehensive adoption of blockchain technology by the Latin American financial system, allowing new use cases with implementations that will transform the way solutions leveraging this technology are developed today.
About Koibanx:
Koibanx is a pioneer company in providing blockchain-based payments infrastructure for the financial system. It leads the technological revolution of the industry in Latin America by providing transactional services and asset tokenization to the banking and financial sector. Koibanx works by building rails — blockchain-based foundations connected to the banking payment system — that enable payments with multiple assets, converting holdings of the financial system into liquid assets and allowing mixed and partial payments using digital currencies, fiat money, securities, commodities, among others. More information: www.koibanx.com
