Blockchain is attracting attention from financial institutions, industry associations, regulators and entrepreneurs worldwide – Brazil is no different.
Top blockchain initiatives in Brazil
Brazil’s largest private capital banks (Itau and Bradesco) have joined the R3 consortium and are currently testing blockchain-based solutions:
Bradesco has announced a trial of a blockchain-based digital wallet in partnership with eWally, a start-up accelerated in its InnovaBra program;
Itau has created a blockchain center of excellence to map/assess use cases and develop strategic technological partnerships;
The Brazilian Banks’ Federation (FEBRABAN) is taking the lead on the development of cross-institution, sector-wise solutions:
FEBRABAN created a blockchain working group to assess the impact of distributed ledger technologies on the sector. The group assembles several institutions together to promote an inclusive dialog – 15 banks, the Central Bank of Brazil and B3 (company formed by BM&F Bovespa and CETIP).
In the first public meeting of the group (April 2017), FEBRABAN has tested exchanging client information between Itau and Bradesco using IBM’s Hyperledger technology. The group is expected to present additional results of its studies in June, at FEBRABAN’s annual banking technology fair.
Regulators are supporting the current trials involving blockchain technology:
The Central Bank of Brazil has already conducted different tests on how the technology could potentially be applied in the Brazilian market. It mentions use cases in financial services and beyond – with focus on modernizing Brazil’s registrar network (“cartorios” – refer to video below for more information, in Portuguese)
See the video here: http://bit.ly/2rQ6ftj