CIP and IBM Launch Hyperledger-Based Blockchain For Identities In Brazil Called Device ID

A Brazilian banking and financial infrastructure facilitator called CIP has officially launched, together with IBM, a new blockchain ID platform that will be used in the country. The platform is based on the Hyperledger Fabric technology and will be called Device ID.

According to the official announcement, the solution will be used in nine banks within the country, as well as it will be used in the Brazilian Payment System (SPB), a domestic clearing system that is used in the country.

The goal of the new technology is to secure and authenticate digital signatures with the help of mobile devices. This way, users will be protected against financial crimes. The director of the local organization Febraban, Joaquim Kiyoshi Kavakama, has affirmed that the local banks are studying the potential effects of the blockchain technology for a long time.

However, they were not initially working together, which is starting to change now. They created a group in order to unify their goals and actions and to create standards that could be accepted by all the banking institutions. This, he believes, will put Brazil at the forefront when the subject is the blockchain technology.

A representant of Bradesco, the largest bank in the country, had already affirmed that the official launch would be done soon, but the technology was only properly introduced today to the media.

Not So Nice With Cryptos

Unfortunately, the Brazilian banks are not so eager to be supportive of cryptocurrencies. Last year, some banks shut down the banking accounts of prominent crypto exchanges in the country, such as Mercado do Bitcoin (Bitcoin’s Market, in English).

Now, however, it seems that the attitude has changed a little bit at least when compared to last year, but mostly involving the blockchain and not really cryptos such as Bitcoin. The fact that many scammers plague the country does not help a lot. Last month, a scammer fooled 55,000 Brazilian investors into giving their money to a pyramid scheme, for instance, and was jailed afterward.

In related news, Ripple has decided to open a new office in the country. This office was created in order to help the company during its expansion into Latin America.

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