Brazil: R3 Develops Blockchain Platform With Major Banks and Stock Exchange

The R3 Consortium — which is composed of large banks and technology companies — announced during the CIAB Febraban event in São Paulo that it is currently collaborating with Brazilian banks.During the event, R3 executives claimed that the consortium partnered with Itau and Bradesco banks to build a blockchain-enabled platform for foreign trade and insurance.The consortium — which recently opened an office in the country — further noted that the Brazilian stock exchange was also using its Corda platform for digital identification.The executive commented on the current developments, stating that before further expansion, blockchain technology needs to mature and become secure enough for large corporations.Earlier this week, CIP, a facilitator of Brazilian banking and financial infrastructure, officially launched its blockchain ID platform via a partnership with IBM using the Hyperledger Fabric.

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