Brazilian Banks Developing Blockchain Based Identity Platform Built On Hyperledger

Brazilian banks developing the new Blockchain based identity platform built on the Hyperledger reported on 2 June 2019.

The new blockchain platform has reportedly been designed to attest Associate in Nursing verify digital identities for users’ bank accounts by mistreatment an individual’s movable and SIM card info together with different smartphone-derived personal knowledge.

The new blockchain platform is accustomed to verify the identity of users through the mobile combined with the quantity on the SIM card and therefore the knowledge to access the checking account. All this information together generated a sort of ID can be recorded in a very blockchain shared between the establishments which will enable to a lot of firmly establish the access credentials.

It is also reported from the source that the combined knowledge is wont to generate a secure ID recorded on a blockchain that may be employed by establishments to attest access credentials.

Both CIP and IBM confirmed that a blockchain platform supposed for Brazilian banks is launched throughout the event, however, it didn’t give details of its operation. once launched the platform is the primary within the country in-built blockchain and supposed to be shared by all establishments. consistent with info, the financial institution of Brazil has additionally been finding out a blockchain model to change open banking applications in Brazil.

After the launch, this platform is predicted to be the primary solution for the multi-institution banking system which is powered by blockchain technology.

Previously, The President of the Chamber of Deputies of Brazil Established a Committee to regulate bitcoin and Cryptocurrencies in the country reported by bitcoinik on 31 May 2019.