Brazilian banks are testing the blockchain

Brazilian banking Association Febraban, which has more than 120 participants actively studying the technology of the blockchain. At this point published by the Association the results of studies conducted on different platforms, including Corda, developed by the international blockchain-a consortium of R3.

Study the blockchain Febraban started in 2016. The Association has created a working group composed of members of the Executive Committee on technology and automation of banking – Banco do Brasil, Bancoob, Banrisul, Bradesco, BTG Pactual, Caixa, Citibank, Itaú Unibanco, JP Morgan, Safra, Santander and Brazilian Central Bank, CIP and B3.

According to a survey conducted by Febraban, 65% of the industry leaders in Brazil said that their companies are studying the introduction of the blockchain, and 29% assess the technology of artificial intelligence.

According Febraban, the first proof of concept (Proof-of-Concept) called Fingerprint («Fingerprint») on the platform Corda was used by Brazilian banks Itaú, Bradesco and B3 for the storage of personal information about customers. The test, developed by the cloud lab R3 was proved the ability of banks to act in unison, guaranteeing the immutability of shared data maintaining the confidentiality and traceability of information.

The second proof of concept (DNA) was developed using Hyperledger Fabric with the support of IBM and the participation of all members of the working group Febraban. The tests allowed to assess the current capacity of the platforms, the differences between them and the aspects related to the development.

In addition, the Bank Bradesco assesses the blockchain platforms and solutions for startups program InovaBRA. One of the proofs of concept associated with guarantees of financial transactions, such as the creation of applications for communication with all members of the network – for example, with other banks.

Also, according to Febraban, the Brazilian Central Bank is testing the Ethereum platform to support the System of reservation (STR), one of the components of the Brazilian payment system (SPB).

«The decision will be implemented in the event of a failure of existing platforms. Regions can work through alternative transfer system, using the technology of the blockchain» – said Deputy head of information technology Department of the Central Bank Arestis Cavalcante.

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