Brazilian Banks Implementing New Blockchain Solutions
Banks across Brazil are implementing standardized blockchain industry solutions that will be maintained through the HyperLeder Platform. This solution, which is being implemented by IBM and the Brazilian Bank “CIP”, will be used through the SPB. This is a system that’s used by every financial and banking institution in Brazil.
This new blockchain service is being created to authenticate and verify the digital identities of Brazilian bank accounts. Authentication and verification are accomplished by the bank accessing the SIM Card Information & other smartphone data. This combined data will be able to create customers a Secure Blockchain ID that can be used with other financial institutions for authentication purposes.
This new service plans to launch during the CIAB Banking Technology Conference on June 11th. Both IBM and CIP have both confirmed that this service will be on display at the event. However, as of right now there isn’t any idea as to how much the bank will charge for this upcoming service.
CIP will become the first banking institution in Brazil to have a service powered by blockchain technologies. However, there is competition around the corner for the institution. It was recently reported that Banco Bradesco, another Brazilian Bank, has started developing its blockchain network with R3. Considering that Banco has $338 Billion in assets, this will give them plenty of liquidity that can be used towards operational costs. Additionally, Banco also has a market capitalization figure of $49 Billion.