Copy link
Increase text size
Decrease text size
Link copied

Brazilian Payment System to integrate blockchain-based digital ID platform

Tue, 04 Jun 2019, 05:25 am UTC

The Brazilian banking system is going to deploy a blockchain-based identity solution powered by Hyperledger Fabric, Cointelegraph reported.

Co-developed by IBM and Camara Interbancaira de Pagamentos (or Interbank Payment Clearing House, CIP), the solution will be reportedly integrated into the Brazilian Payment System (SPB).

The SPB consists of the entities, systems and procedures related to the clearing and settlement of funds transfer, foreign currency operations, financial assets, and securities transactions. Its members are systems in charge of cheque clearing services; clearing and settlement of electronic debit and credit orders, funds transfers, and other financial assets; clearing and settlement of securities transactions; clearing and settlement of commodities and futures transactions; and others.

The Central Bank of Brazil (BCB) says that the SPB has a high degree of automation and increasingly uses electronic means for funds transfer and the settlement of other transactions, eliminating the need for paper-based instruments.

The blockchain platform, likely to be the first blockchain-based multi-institution banking solution, will allow authentication and verification of digital identities for users’ bank accounts via a user’s mobile phone and SIM card information along with other personal data derived from their smartphone.

Using this combined data, a secure ID will be generated, which will be recorded on a blockchain. Institutions would be able to use this ID to authenticate access credentials.

A source familiar with the matter told Cripto Facil that the in addition to protecting the safety of users, the application aims to prevent hackers.

IBM and CIP refrained from disclosing any details on the project but confirmed that they have been co-developing a blockchain solution. The details, according to Cripto Facil, will be announced at the upcoming Febraban CIAB, which will take place on June 11 and 12 in São Paulo.

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
  • Bitcoin (BTC) $7,100.95 (-0.16%)
  • Ethereum (ETH) $141.99 (+0.01%)
  • XRP (XRP) $0.224600 (+0.84%)
  • Bitcoin Cash (BCH) $206.55 (-0.13%)
  • Litecoin (LTC) $43.32 (-1.11%)
  • Bitcoin (BTC) $7,100.95 (-0.16%)
Dec 14, 2019 (Saturday)
Darknet marketplace Hydra launching an ICO on Dec.16 to fund its global expansion
Dec 13, 2019 (Friday)
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
Crypto Technicals: BCH/USD edges above 5-DMA, near-term upside likely on break above 20-DMA (211.74)
Terra launches stablecoin-powered payments service in Mongolia
Crypto Technicals: Ripple (XRP) edges higher from session lows at 0.2154, 'Hammer' at lows raises scope for minor gains
Korean cybersecurity firm partners with R3 for digital asset management and MPC technology
SEC charges Shopin’ founder with orchestrating ICO fraud; Accused deactivates social media, Telegram account
Crypto exchange Kraken looking for operations director to helm ‘special-purpose depository institution’
Twitter looks to blockchain to decentralize social media
Crypto Technicals: LTC/USD flashes signs of recovery, 'Dragonfly Doji' and 'Bullish Divergence' could support minor upside
ING bank developing custody project for digital assets: Report
Basel Committee on Banking Supervision mulls designing global prudential standard for crypto-assets
Franklin Templeton leads blockchain-based social impact platform’s funding round
Crypto Technicals: BTC/USD breaks above 50H MA, 'Bullish Divergence' could support further gains
TokenSoft submits transfer agent filing to the SEC; Decision to arrive in 30 days
Crypto Technicals: ETH/USD recovery lacks traction, upside capped at 5-DMA
Glencore joins Responsible Sourcing Blockchain Network for tracing cobalt
Grant Thornton releases second report on Cryptopia liquidation; Pulls back nearly $5M from various sources
Chainalysis launches compliance solution for Bitfinex amidst class-action lawsuit
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.