The identity solution – built jointly by IBM and CIP, the country’s central bank – will be incorporated in the Brazilian Payment System (SPB), which is employed by all banks and financial institutions in the country.
The unique blockchain solution has been built to validate digital identities of customers’ bank accounts by utilizing data pertaining to mobile and SIM card of individuals along with personal data obtained from other smart phones.
The collated data will be utilized to create a secure ID stored on a blockchain that can be used by institutions to validate documents for providing access.
Furthermore, IBM and central bank have supposedly affirmed that a unique bank focused blockchain solution will be introduced during key Latin American banking technology event CIAB Febraban on June 11. Officially, both parties have not provided further details on the offering.
The platform, following the launch, is anticipated to be the first multi-institution banking platform backed by blockchain. Notably, last month, Banco Bradesco, a popular Brazlian bank, became a member of R3 consortium, which developed enterprise level blockchain based network Marco Polo, for trade finance.
Bradesco, a leading bank in Brazil, has total assets worth $338.2 billion and a market capitalization of $49.1 billion.
Blockchain-based digital ID platforms across the banking and enterprise sector are registering exponential growth worldwide.