Brazilian Association Febraban Discloses Blockchain Tests
Febraban which is the Brazilian Federation of Banks with over 120 related banks, is intensively analyzing and researching technology of blockchain.
During its studies the Federation has published tests that have been conducted on on various platforms such as CORDA of the consortium R3. Lately, it has announced the accession of another event, the CIAB Febraban, whose talks will begin in June 2018, will focus on Artificial Intelligence, Machine Learning, Blockchain, IOT and how these changes can quickly create or destroy a business.
The Federation has explored the potential opportunity of the blockchain, creating the Blockchain Working Group in 2016. The group consists 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 that occurred in the result of the unification of BM & FBOVESPA and Cetip. First -ever blockchain event focused on the use of technology was as well organized by Febraban last year. It declared that blockchain tech related with Artificial Intelligence (AI) is the main purposefulness of the institution.
Due to the last year survey, 65% of industry executives in Brazil said that their companies study blockchain realization and 29% already evaluate analytics and cognitive computing or AI experiences.
In accordance with Federation, Fingerprint, the first proof of concept, used the Corda platform and engaged Brazilian banks Itaú, Bradesco and B3. The test which was developed in the R3 cloud laboratory made a database with fake information such as name, Brazilian ID documents (CPF and RG), age, address and telephone with document storage. The result has proven the ability of banks to act together, with the guarantee of the invariability of shared data, confidentiality and traceability of information.
The second proof of concept (DNA) was created in Hyperledger, reonfotced by IBM, this time with the participation of all the institutions of the FEBRABAN Working Group. The tests helped to value the present capacity of the platforms, the discrepancies between them and aspects related to the formation and growth. The next stage is to produce a pilot scheme which is in the process and will be ready soon.
Febraban disclosed that the Central Bank of Brazil is using the Ethereum platform to support the Reserve Transfer System (STR) – Brazilian Payment System (SPB).
Febraban as well disclosed that it has been working with startups, among them e-Wally, a digital portfolio. The solution allows non-core transactions such as depositing, transferring and paying bills, and allows any user to take paper at an ATM, earning a transaction fee, according to the launch site. All banking transactions are encrypted with blockchain and allow distributed platform processing and auditing.