Brazil: R3 develops blockchain platform with large banks and stock exchange

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Blockchain software consortium R3 revealed that it is developing a blockchain platform in Brazil with banks Bradesco, Itau and B3, Cointelegraph Brazil reported on June 12.

The R3 Consortium – consisting of large banks and technology companies – announced at the CIAB Febraban event in São Paulo that it is currently working with Brazilian banks.

During the event, R3 executives claimed that the consortium worked with Itau and Bradesco banks to build a blockchain-enabled platform for foreign trade and insurance.

The consortium – which recently opened an office in the country – further noted that the Brazilian stock exchange also used its Corda platform for digital identification.

The executive commented on current developments and stated that the blockchain technology should mature before further expansion and be safe enough for large companies.

As Cointelegraph reported in May, CULedger, a blockchain consortium and a service organization for credit unions, chose R3 & Corda's blocka to support its future product for cross-border payments.

Earlier this week, CIP, a facilitator of the Brazilian financial and banking infrastructure, officially launched its blockchain ID platform through a collaboration with IBM using the Hyperledger Fabric.

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Don Bradman

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