The central bank of Brazil has announced the launch of its blockchain-based Device ID platform, partnering with IBM and Hyperledger.
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Device ID will be utilized by nine banks and will be assimilated into the Brazilian Payment System (SPB), Brazil’s domestic clearing system.
The goal of the new blockchain platform is to authenticate and verify digital signatures to fight financial crime.
“Brazilian banks have been studying blockchain technology applications for a long time, but they weren’t all together,” said Joaquim Kiyoshi Kavakama, director of Febraban, Brazil’s national banking association.
“So we decided to create a group and unify all actions, which is very important to achieve standardization to all banks. We are now in the forefront when it comes to blockchain.”
Bradesco, Brazil’s largest bank, has already confirmed they will be participating in the development phase of Device ID.
Earlier this month, Ripple unveiled a dedicated office in Brazil, as the company behind the third largest cryptocurrency XRP, looks to develop further into South America.