VP of Largest Brazilian Bank: Local Banks to Soon Introduce Unique Blockchain Pl

[Magician]

The vice president of Brazil's biggest bank, Bradesco, revealed that major local banks will introduce a unique blockchain platform on June 12, Cointelegraph Brazil reports on June 11.

Bradesco VP Mauricio Minas has delivered a speech devoted to the role of blockchain in the global financial system, speaking at major Latin American banking and fintech event CIAB Febraban on June 11.

The Bradesco VP unveiled the plans of local banking institutions to soon adopt an unnamed blockchain-powered solution, adding that a number of Brazilian banks have been developing applications using distributed ledger technology (DLT).

Speaking at the event, Minas expressed confidence in blockchain technology despite its nascent character, urging that the technology is able to “break traditional barriers,” as well as to change user behavior and the financial system.

The news comes on the heels of the recent report on Brazilian banks deploying a standardized blockchain identity solution co-developed by the country’s central bank, CIP, and global tech giant IBM.

Based on the open source DLT Hyperledger Fabric, the identity solution will be reportedly integrated into the Brazilian Payment System and will be used by all banking and financial institutions across the country.

Yesterday, Cointelegraph reported on leading cryptocurrency company Ripple’s launch of an office in Brazil with the wider aim to expand across Latin America.

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