Brazil’s biggest bank, Bradesco, has officially announced that they are adopting a blockchain-powered solution. The announcement made by the Vice-president of Bradesco, Mauricio Minas, specified that the solution will also be used by major local banks around the country from June.
Bradesco’s newest adoption is giving crypto enthusiasts a reason to celebrate. Brazil is not only a leader within the Latin American banking sector but also one of the biggest emerging markets in the world, which has recently started to open more and more doors for entrepreneurs wishing to develop blockchain tech.
Minas’ speech was made in the CIAB Febraban FinTech event on the 11th of June. Partnerships and future plans were also disclosed. The upgrade of the Brazilian Payment system was thanks to the support of the tech giant IBM and Brazil’s Central Bank (CIP).
The distributed ledger technology (DLT) will be primarily used as an identity solution and will allow several local banks to verify digital signatures, avoid cybercrime and provide an easier way to access mobile banking.
Bradesco is just one of the dozens of banks joining the blockchain space. BNP Paribas, Sumitomo Mitsui Banking Corporation, Landesbank Baden-Württemberg, NatWest and Commerzbank are also among the financial giants adopting similar DLT solutions.