126 Banks-Strong Brazilian Group Febraban Reveals Blockchain Tests

Febraban, the Brazilian Federation of Banks with over 120 associated banks, is actively exploring and researching blockchain technology.

The Federation has published tests that have been carried out on different platforms such as Corda, developed by the global banking consortium R3. Recently, it has announced the addition of another event, the CIAB Febraban, whose talks to start in June 2018 will be on Artificial Intelligence, Machine Learning, Blockchain, IOT and how these changes can quickly create or destroy a business.

Since 2016, the Federation has explored the potential of the blockchain, creating the Blockchain Working Group the same year. The group composes of members of the Technology and Banking Automation Executive Committee – Banco do Brasil, Bancoob, Banrisul, Bradesco, BTG Pactual, Caixa, Citibank, Itaú Unibanco, JP Morgan, Safra, Santander as well as the Brazilian Central Bank, CIP and B3, a new company resulting from the merger of BM & FBOVESPA and Cetip. Last year, Febraban also organized its first-ever blockchain event focused on the use of technology. It announced that blockchain tech allied with Artificial Intelligence (AI) is the focus of the institution.

According to a survey conducted by the federation last year, 65% of industry executives in Brazil said that their companies study blockchain implementation and 29% already evaluate analytics and cognitive computing or AI experiences.

Proof-of-Concept

According to the Federation, the first proof of concept, called Fingerprint, used the Corda platform and involved Brazilian banks Itaú, Bradesco and B3. The test, developed in R3’s cloud lab, created a database with fictitious information such as name, Brazilian official documents of identification (CPF and RG), age, address and telephone with document storage. The result has proven the ability of banks to operate collaboratively, with the guarantee of immutability of shared data, preservation of privacy and traceability of information…

Read Full: 126 Banks-Strong Brazilian Group Febraban Reveals Blockchain Tests