NFTs and metaverse set to transform Brazilian tech landscape
The technology landscape in Brazil is set to be impacted by the rise of artificial intelligence (AI), metaverse and decentralized finance (DeFi), according to a report by Deloitte.
Blockchain tech to impact Brazilian market
The study “Tech Trends 2023” comments on how these technologies will impact the professional environment and highlights the need for digital transformation in organizations. The report identifies six key technological forces, including AI, which is increasingly becoming a tool for building trust for businesses.
Services that use blockchains, such as NFTs and the metaverse, are being valued as they help build digital trust, according to the report. Startups in Brazil are taking advantage of these technologies to democratize Web3 and popularize the use of NFTs, especially in the gaming world. However, there are still concerns about data privacy and intellectual property that need to be addressed.
Organizations in Brazil are seeking to improve legacy platforms by connecting them with modern technologies, but there is still some reluctance to fully migrate to the cloud due to the fear of business disruption. To combat these fears, new approaches using APIs and integration layers that incorporate AI and other new technologies are emerging.
Ronaldo Fragoso, business alliances and CIO Program leader at Deloitte, says a growing number of organizations across all industries are looking to accelerate their digital transformation efforts. The goal is to make their operations more agile and efficient. The report reads:
“The report presents the strategies and technologies that will possibly drive new planning in order to promote business primacy for IT, minimize risk, optimize the value of investments, and work to build trust in business ecosystems.”
The report also highlights the challenge of a shortage of technology professionals, with a study by Brasscom suggesting a deficit of 800,000 professionals by 2025. The digital transformation of businesses requires organizations to engage with new technology tools and requires a flexible workforce to make the most of the new opportunities.
In conclusion, the report highlights the need for digital transformation in Brazilian organizations and the opportunities presented by emerging technologies such as AI, DeFi, and the metaverse. With the help of new approaches and a flexible workforce, businesses in Brazil can embrace these new technologies and reap the benefits of the digital age.
Brazil embraced crypto in 2022
In 2022, Brazil made significant progress in the adoption of cryptocurrencies with the passage of a bill that legitimizes their use as a payment option. The former President, Jair Bolsonaro, signed the bill before leaving office, which outlines the legal definition of digital currencies and sets up a licensing system for virtual asset service providers.
The rising number of companies holding cryptocurrencies in Brazil is a testament to its growing popularity. As per the country’s tax authority, over 12,000 organizations declared crypto assets on their balance sheets in August 2022. This surge in demand has prompted the Brazilian Stock Exchange to announce its plan to launch a cryptocurrency-based product in May of the same year.
In comparison to the United States, where investors trade in 11 ETFs related to cryptocurrencies, the Brazilian Stock Exchange intends to launch Bitcoin futures trading, offering a new investment opportunity.
Although cryptocurrencies are not considered legal tender in Brazil, like in El Salvador, this bill represents a major milestone in the country’s journey towards complete cryptocurrency adoption. The regulatory framework will protect investors and promote the growth and stability of the market, thereby attracting more businesses and individuals to the world of digital currencies.