This technology makes it possible to pay the international seller directly in his local currency in a safe and fast way
Linos del Pacifico, an Argentine company dedicated to the commercialization of fabrics, used Bitcoin to pay for an import that came directly from its suppliers located in European territory, specifically in Spain and Belgium. The transaction was made thanks to the intermediation of the South American exchange Bitex.
According to the information, the transaction was made for a value of 50 thousand euros and began with a transfer from a local bank in Argentina. Bitex was responsible for conducting the process and, as mentioned, the entire operation was completed in less than 24 hours.
According to what they explain from Bitex, they have a process designed for import processes. First, the importer puts Argentine pesos or dollars and they, through the purchase and sale of Bitcoin within the markets, manage to pay the international seller directly in his local currency. In Bitex they argue that these transactions are kept at a very low cost, with speed and with the highest level of security.
Juan Brie, Director of Linos del Pacifico, mentioned that the service offered by Bitex was quite useful for Small and Medium Enterprise (SME) in the Argentine sector since it was cheaper than the transactions offered from the banking sector to make cross-border transfers between different FIAT currencies.
In addition, he mentioned that with this type of transactions users can transfer any amount they want and to whoever needs it, a task that is really complicated with the traditional banking system.
About the costs, Bitex mentions that there is a variable commission which reaches a maximum of 1 % of the amount to be transferred. The exchange mentions that this percentage is lower than the costs in the Swift network used by traditional banks to make cross-border transfers.
Advantages of Blockchain for SMEs
Blockchain technology is nothing more than a system with a database which recognizes, interconnects and intertwines blocks of information, allowing it to be shared and verified that it has not undergone any modification in the process.
By using blockchain technology, huge data transfers can be conducted efficiently and in real time. This makes cost savings possible and this is what makes the difference between the traditional market and the possibility of making more transfers quickly and safely.
For this reason, blockchain technology would be very important for SMEs today and also in the future, especially in fields such as financial transactions, asset management or business operability.
By improving the payment systems and their security, it would also help to improve the control of their companies’ treasury or the analysis of their investments.
Another area where blockchain technology will have a notable impact for SMEs will be in the security sector. The possibility that a company’s information is decentralized while security protocols increase will allow data protection to be much greater. Thus, the amount of theft could be reduced.
Currently, there is only a need for more legal regulation on the issue and also the development of specific Apps for SMEs, something that would come when the use of blockchain technology is extended.
By María Rodríguez