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R3 Blockchain Consortium Launching New Blockchain Platform in Brazil

The enterprise blockchain technology firm R3 LLC is constructing a new blockchain platform together with Brazilian banks Banco Bradesco, Itaú Unibanco,  and the leading Brazilian stock exchange B3 – Brasil Bolsa Balcão. R3 revealed the new updates to the CIAB FEBRABAN – Congress and Information Technology Exhibition of Financial Institutions during the banking event in Latin America, which took place between 11 and 13 June, in São Paulo.

Founded in 2014, the New York City-headquartered firm R3 is a consortium of leading banks and technology firms controlling the ecosystem of many organizations functioning together with a vision of building the distributed applications on top of Corda (known as CorDapps) to run and manage the industries such as financial services, insurance, healthcare, trade finance, and digital assets.

Allegedly, the officials from R3 stated that the establishment is working towards the building of a platform powered by blockchain technology for foreign trade and insurance sector. Further, it is also revealed that the company has opened the local office in Brazil.

As per the information, R3’s open source Corda- the blockchain platform which was built in November 2016, is also deployed by the Brazilian stock exchange for digital identification.

Reportedly, R3’s Corda blockchain platform is also used by CULedger LLC to strengthen its upcoming cross-border payments product. CULedger is a blockchain consortium and a credit union-owned CUSO (credit union service organization) that aims at delivering modern applications globally based on distributed ledger technology (DLT) or blockchain platform for credit unions.

Recently, a facilitator of Brazilian banking and financial infrastructure, CIP has introduced the blockchain ID platform by collaborating with IBM while deploying its Hyperledger Fabric. IBM is considered one of the biggest organizations constructing blockchain based platform. 

However, the executives from R3 believes that blockchain still needs time to get the maturity level in order to have strong adoption.

Tags: R3, Corda blockchain platform, CorDapps, Blockchain, IBM, Hyperledger Fabric, CUSO (credit union service organization), Digital Identification, Distributed Ledger Technology (DLT), Banco Bradesco, Itaú Unibanco, Brazilian stock exchange, B3, Brasil Bolsa Balcão

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