SAO PAULO – Bradesco will do until the end of the year, in São Paulo, a use test “blockchain”, the technology behind the coin virtual bitcoin. If the schedule is kept, will be the first practical test of the technology made by a Brazilian bank.
“blockchain” functions as a ledger transaction made in the digital world. The technology has attracted the attention of banks around the world for two main reasons. The recorded transactions can not be erased or altered, which ensures safety to the system. The operation is also independent of major technology structures, which may represent a cost savings over traditional forms transaction processing.
According to Marcelo Frontini, director of research and innovation of Bradesco, the test the “blockchain” will be made in Paraisópolis, South Zone of São Paulo, in partnership with the startup eWally. The company was one of the selected the latest class of InovaBRA, supporting startups Bradesco program. The company has developed a digital wallet that can be used with a smartphone for payments and money transfer. The “blockchain” is the technology behind the system. According to the executive, the system will be integrated into the network of correspondent banks Bradesco Expresso. So, who wants to make a deposit, withdraw cash or make a payment using the eWally, can go to one of these points.
“Using Bradesco as input and output, we can monitor usage, which gives security the test, “he said.
Bradesco is taking the” blockchain “quite seriously. The bank has just integrate the R3 consortium, which brings together 43 banks around the world to study and create standards for the use of the system. It is the second national bank to enter the consortium. Itaú was the first, two months ago.
In addition to the digital portfolio eWally, Bradesco will also do tests with the money transfer system through international shipments of startup Bitone, another newly approved in InovaBRA. In this case, however, valuations are still preliminary, to verify the viability of the model.
Bitone developed a hedging system for transfers ( “hedge”), which aims to reduce the bitcoin conversion impact for the transfer recipient’s currency. According to Frontini, we need to assess whether the cost of this hedge will not be too high, preventing the system.
The bank is also in talks with the startup Ripple Labs, the main reference in international shipments using “blockchain “.
” blockchain “is one of the aspects of the working group established by the Central Bank (BC) to discuss the” fintechs “as have been called the technologies related to the financial sector.
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