Banks in Brazil will be implementing a new standardized blockchain identity solution powered by the Hyperledger Fabric-platform.
The identity solution which is co-developed by IBM and the country’s central bank, CIP is reportedly to be integrated into the Brazilian Payment System (SPB) — a system used by all banks and financial institutions in the country.
The new blockchain platform has reportedly been designed to authenticate and verify digital identities for users’ bank accounts by using an individual’s mobile phone and SIM card information in combination with other smartphone-derived personal data.
The combined data will be used to generate a secure ID recorded on a blockchain that can be used by institutions to authenticate access credentials.
IBM and the central bank have reportedly confirmed that a new bank-focused blockchain platform will be launched during major Latin American banking technology event CIAB Febraban on June 11th.
The platform when launched is expected to be the first multi-institution banking solution powered by blockchain.