Blockchain Consortium R3 Partners With Brazilian Banks To Develop New Platform

There is news coming from Brazil that assures that blockchain consortium R3 has partnered with banks Bradesco, Itau and B3 to develop a blockchain platform. This information was reveled at the CIAB Febraban event in São Paulo.

R3 is an enterprise blockchain software firm working with a broad ecosystem of more than 300 participants across multiple industries from both the private and public sectors to develop on Corda, its open-source blockchain platform, and Corda Enterprise, a commercial version of Corda for enterprise usage. It is headquartered in New York City and founded by David E Rutter in 2014.

In fact rumors about Bradesco developing a blockchain platform was in the air for the past few days, thanks to VP Mauricio Minas. He uncovered the strategies of local banking organizations to soon adopt an unnamed blockchain-powered solution, adding that a number of Brazilian banks have been developing applications using distributed ledger technology. Minas even dispensed trust in blockchain technology notwithstanding its nascent character, saying that the technology is able to “break traditional barriers.”

R3 also stressed that B3, the company that controls the São Paulo State Stock Exchange (Bovespa), has been working on a blockchain platform using the String for Digital Identification. Participating banks are talking to the telecom sector and the number portability company in Brazil, ABTelecom, to refine information sharing. One of the possibilities being reflected is for operators to join as a “node” in the system

It is notable that R3 has recently opened an office in Brazil aiming to expand the consortium's activities. However, the company’s executives have stated that before the development, it is imperative that blockchain reach more maturity and meet the security requirements of large corporations. Now, this partnership shows that the roadmap is headed that way.

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