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Blockchain Compliance Challenges in Ecuador

Ecuador’s financial sector has been facing significant challenges in implementing blockchain technology to enhance payment gateway transactions. While blockchain offers numerous security benefits such as data security, immutability, decentralization, authentication, and transparency, its implementation poses several compliance challenges.

Benefits of Blockchain Technology

Reduces the risk of cyber attacks targeting centralized servers
Ensures the integrity of transactions through immutability
Authentication mechanisms like digital signatures and smart contracts ensure only authorized parties can participate in and validate transactions
Transparency facilitates auditing and compliance with financial regulations

Challenges in Implementing Blockchain Technology

Lack of clear guidelines on how to apply blockchain technology in payment gateway transactions
Uncertainty among financial institutions hinders their ability to implement blockchain-based solutions
Limited availability of skilled professionals with expertise in blockchain technology

Opportunities for Improvement

Leveraging blockchain technology can significantly improve security in payment gateway transactions in Ecuador
Studies have shown that blockchain- based payment systems can reduce transaction costs, increase transparency, and enhance customer trust

Conclusion

While implementing blockchain technology in payment gateway transactions in Ecuador poses several compliance challenges, it also offers numerous benefits. To overcome these challenges, regulatory bodies should provide clear guidelines on how to apply blockchain technology, and financial institutions should invest in training and development programs to build a skilled workforce with expertise in blockchain technology.

References

Di Pierro, M. (2017). What is the blockchain? Computing in Science & Engineering, 19(5), 92-95.
Sumanjeet, S. (2009). Emergence of payment systems in the age of electronic commerce: The state of art. In Proceedings of 1st Asian Himalayas International Conference on Internet (pp. 1-18).
Khan, D. S. W. (2019). Cyber security issues and challenges in e-commerce. In Proceedings of 10th international conference on digital strategies for organizational success.
Kim, S.-I., & Kim, S.-H. (2022). E-commerce payment model using blockchain. Journal of Ambient Intelligence and Humanized Computing, 13(3), 1673-1685.
Hu, Y., Manzoor, A., Ekparinya, P., Liyanage, M., Thilakarathna, K., & Al-Hammadi, Y. (2022). Blockchain for healthcare data management: Opportunities, challenges, and future recommendations. Neural Computing and Applications.

How to Cite

Naranjo, K., & Toasa, R. M. (2024). Security aspects in the implementation of blockchain in payment gateway transactions in Ecuador. International Journal of Engineering Insights, 2(1), 1-6. https://doi.org/10.61961/injei.v2i1.13

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