THE LARGEST LATIN AMERICAN BANKING CONGLOMERATE ITAU HAS CREATED A BLOCKCHAIN PLATFORM FOR RETAIL LENDING

Itau Unibanco and Standard Chartered provide international banking services. In order to launch a new credit platform, the two companies jointly developed their own Proof-of-Concept algorithm for the blockchain system based on Corda Connect.

It is reported that Itau and Standard Chartered have already successfully tested the functionality of the new blockchain and reported on the benefits of using the technology within the framework of issuing loans.

Earlier this year, the banking firm Standard Chartered teamed up with Siemens to develop an experimental blockchain system for accounting Bank guarantees of trade financing.

It should be noted that in China, the blockchain is already actively used to issue loans secured by land plots.