Brazilian Bank Bradesco Looks to Release Custom Blockchain to Break Traditional Finance Barriers

The vice president of Bradesco, the largest Brazilian bank, has recently affirmed that all the major Brazilian banks will start to use a unique blockchain platform soon. The announcement was made today, June 11, during the CIAB Febraban, a major banking and fintech event in the region.

According to Mauricio Minas, the blockchain has a huge role in the global financial system, which is why the banks will introduce this new system tomorrow. The plan is for the local institutions to adopt this new technology in order to upgrade their services.

The still unnamed platform will be powered by the distributed ledger technology and based on Hyperledger Fabric, a popular open source implementation of this solution. The idea is to integrate the solution on the Brazilian Payment System and to use it for transactions between institutions all over the country.

Minas also expressed some confidence in the nascent technology during the event, affirming that it was important to use the technology in order to create better platforms now and to break the traditional barriers that hold these companies behind. This, he affirmed, would also change the behavior of the users in the long term.

This announcement comes just after reports about some Brazilian banks which decided to deploy the blockchain technology in order to create an identity solution. The solution will be created by the Brazilian Central Bank, CIP and IBM.

In related Brazilian crypto news, Ripple launched an office in the country this week, which is set to be the basis for the company’s expansion into the region.

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