Blockchain Software Consortium R3 Collaborates With Major Brazilian Banks to Develop New DLT Platform

According to a recent report, blockchain software consortium— R3 has made it known during the CIAB Febraban event in São Paulo that it is in the process of creating a blockchain platform in Brazil.

As a result of this, it has collaborated with Brazilian banks like Itau, B3, and Bradesco to launch a blockchain- enabled platform for foreign trade and insurance.

The Brazil Stock Exchange is Using the Corda Platform

The R3 Consortium which recently opened an office in Brazil comprises of large financial institutions and technology firms.
It also revealed that the Brazilian stock exchange is using its Corda platform for digital identification.

An executive from the firm while giving his thoughts regarding the new developments stated that the blockchain technology needs to grow and become secure for large companies before carrying out any further expansion.

Also, CU Ledger a blockchain company and credit union service organisation (CUSO) has selected enterprise software company to support its cross-border payments commodity.

The blockchain CUSO joined the R3 global blockchain ecosystem in December 2018 and it uses the technology to enhance cybersecurity and eliminate the risk of being scammed, as well as to simplify operational and administrative processes for the credit union industry. CU Ledger also makes available a specific identification solution which is blockchain- based for credit union members.

CU Pay Will be Integrated With Another Open Source Corda-based Dapp

The upcoming product from CU Ledger which is being referred to as CU Pay is designed in such a way that it allows payment networks to connect and reduce problems attached to in cross-border electronic funds transfers.
CU Pay which is set to be released in 2020 is reportedly going to be integrated with another open source Corda-based decentralised application created by R3 called “Corda Settler” of which when used, it will allow credit unions using the CU Ledger network to select from various payment solutions which can be either domestic or cross-border.


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