Trend of the Use and Investment of Blockchain Technology in the Banking Sector in Ecuador

Abstract

Technological advances used in the banking sector have allowed the coupling of various technological and computer tools, giving rise to Blockchain. This research presents a vision of the components, the architecture, the platforms, and the algorithms used and finally the frequency of their use. This research highlights the evolution of Fintech in Latin America, and links up these statistics to the reality of the banking sector in Ecuador; it is also described the performance indicator of the investment made in three of the main banks in this country and the amounts invested in technology are shown as evidence that they are also part of the digitalization process of the financial industry.