Brazilian Banks to Implement New HyperLedger-Powered Digital ID Platform

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Brazilian banks shall be implementing a brand new standardized blockchain id answer powered by the Hyperledger Fabric-platform, Cointelegraph Brazil reported on June 2.

The id answer — co-developed by IBM and the nation’s central financial institution, CIP — is reportedly to be built-in into the Brazilian Payment System (SPB) — a system utilized by all banks and monetary establishments within the nation.

The new blockchain platform has reportedly been designed to authenticate and confirm digital identities for customers’ financial institution accounts by utilizing a person’s cell phone and SIM card info together with different smartphone-derived private knowledge.

Cointelegraph Brazil studies that the mixed knowledge shall be used to generate a safe ID recorded on a blockchain that can be utilized by establishments to authenticate entry credentials.

Both IBM and the central financial institution have reportedly confirmed {that a} new bank-focused blockchain platform shall be launched throughout main Latin American banking know-how occasion CIAB Febraban on June 11. Neither have formally confirmed the total particulars of the product, nevertheless.

Once launched, the platform is predicted to be the primary multi-institution banking answer powered by blockchain, Cointelegraph Brazil notes.  

As lately reported, outstanding Brazlian financial institution, Banco Bradesco, joined enterprise blockchain consortium R3’s Marco Polo blockchain community for commerce finance this May. Bradesco is amongst Brazil’s main banks, with complete property value $338.2 billion and a market capitalization of $49.1 billion.

In February, a Cointelegraph evaluation piece reported on the burgeoning growth of blockchain-based digital ID platforms throughout the banking and company sectors worldwide.



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