According to the latest announcement by the report called “Encryption Trends in Mexico 2020/2021,” Mexican companies are looking forward to adopting Blockchain technology and cryptocurrencies.
The study was published by a private research center, the Ponemon Institute, that indicated around 40% of companies in Mexico were eager to implement distributed ledger technology, Blockchain, and cryptocurrencies in some form. The report further mentioned that out of this percentage, 71% of companies were focused specifically on cryptocurrency usage.
Encryption Trends in Mexico 2020/2021 surveyed a total of 353 representatives from companies throughout Mexico.
Founded in 2002, Ponemon Institute was introduced by Dr. Larry Ponemon. Headquartered in Michigan, it is a private research organization that focuses on privacy, data protection, and information security policy.
High Tide for Blockchain/Crypto Adoption
A report also suggests that out of 71% that were focused specifically on cryptocurrency usage, 51% of these companies were determined to implement Blockchain for managing assets and handling transactions. Apart from this, it was also seen that around 37% of companies expressed their interest in implementing smart contracts to bypass regulations and lower the costs of financial transactions.
Mexcian companies are adopting Blockchain in order to improve their security systems and guarantee proper encryption strategies. The protection of customer information is the main reason why organizations are adopting Blockchain technology.
Mexican’s Active and Ongoing Role in Blockchain Space
Mexico, the country which is less heard for Blockchain and crypto adoption, has started utilizing this technology for several purposes.
In the first week of September 2020, it was announced that Mexico plans to enable an electronic voting system based on Blockchain technology for Mexicans residing abroad so that they can participate in elections next year.
The blockchain-based voting system will not only provide authentication of the identity of the voter but will help in maintaining the integrity of all protected data and counting of votes. The cryptographic encryption is also provided in order to keep the votes secret.
Moreover, in August 2020, it was also seen that Mexico achieved a historic investment of more than USD 1,300 million in the fintech sector, whose part of these funds went toward the development of Blockchain technology.
According to a recent study conducted in the first week of October 2020, Latin America represents 7% of the entire global cryptocurrency economy, and out of this, Mexico has taken almost 11% of all retail crypto payments since July 2019. It was also noted that Mexico is leading the way when it comes to retail crypto transactions.