The central bank of Brazil has officially launched its blockchain ID platform via a partnership with IBM using Hyperledger Fabric, Cointelegraph Brazil reported on June 12.
The identity solution, dubbed "Device ID," will see participation from nine banks, and is reportedly integrated into Brazil's domestic clearing system, the Brazilian Payment System.
Its aim is to authenticate and verify digital signatures using mobile devices, ostensibly to guard against financial crime and unauthorized use of the financial system.
"Brazilian banks have been studying blockchain technology applications for a long time, but they weren't all together. So we decided to create a group and unify all actions, which is very important to achieve standardization to all banks," Joaquim Kiyoshi Kavakama, director of Febraban, Brazil's national banking association, commented.
"We are now in the forefront when it comes to blockchain."
The platform had already come to light during its development phase, with Brazil's biggest bank, Bradesco, confirming it would receive an official launch this week at the CIAB Febraban conference.
The move comes as Brazil sees attention from within the cryptocurrency industry itself, Ripple opening a dedicated office this week ahead of plans to expand further into Latin America.
At the same time, authorities remain vigilant about malpractice within the space, taking down a notorious fraud scheme involving 55,000 investors last month.
Brazil Central Bank Debuts IBM Blockchain Interbank ID System on Hyperledger
gepubliceerd op Jun 12, 2019
by Cointele | gepubliceerd op Coinage
Coinage
Recent nieuws
Alles zien
Blockchain Bites: Bitcoin's Run, Uniswap's Hemorrhaging Value, Anchorage's Banking Bid
Bitcoin is nearing all-time highs in price and market cap last set three years ago.
Japan's megabanks to lead experiment with digital yen
We have, in order, Cheese Bank with a $3.3 million theft, Akropolis with its $2 million loss, Value DeFi with a whopping $6 million exploit and finally Origin Protocol's loss of $7 million.
Number of new Bitcoin addresses spikes amid growing FOMO
Japan's three largest banks, as part of a group of 30 private sector actors, are set to collaborate on an experiment with a digital yen.
Not just Wall Street: Quant trader explains why Bitcoin price is going up
Sam Trabucco, a quantitative trader at Alameda Research, believes four general factors are pushing up the price of Bitcoin.