Brazilian Bank opts for Technological Innovation
Brazil is experiencing a change in technology, this time one of the major Brazilian banks has become the newest member of the ledger distribution R3CEV consortium.
Bradesco Bank announced the binding to the consortium R3, becoming the last of the more than 40 participants to join the group of banking institutions around the world who are exploring in collaboration with distributed applications of ledger and blockchain.
Executive Vice President Mauricio Machado de Minas said in a statement,
“Innovation plays a crucial role in Bradesco and is committed to serve better to our customers and add value to our shareholders. The technologies of ledger distributed can help us achieve these goals and we are excited about joining R3, so that we can work together and discover the full potential of this new technology.”
The study and plan of this institution to experiment a system that uses blockchain to record data are not new. The bank has created an agenda that extends to the end of this year for testing. And to follow the planning, it would be the first Brazilian bank to conduct practical studies with this type of system data.
Although Bradesco joins the consortium with the intention of acquiring information to develop new financial services, the company has already taken a step forward. Following the completion of InnovaBra 2016, a program created by Bradesco to support startups, they decided to partner with one of the selected companies, eWally, which offers a digital portfolio that can be used through smart phones to make payments and money transfers.
Bradesco, which was founded in 1943, is the third largest bank in Brazil in terms of total assets, according to the Central Bank of the nation. With this announcement, the number of Latin American banks that join the Bitcoin research race and development of technology for financial services is increasing more and more and is expected in the rest of this year that the figure will increase.
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