The identity solution — 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.
Cointelegraph Brazil reports that 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.
Both 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 11. Neither have officially confirmed the full details of the product, however.
Once launched, the platform is expected to be the first multi-institution banking solution powered by blockchain, Cointelegraph Brazil notes.
As recently reported, prominent Brazlian bank, Banco Bradesco, joined enterprise blockchain consortium R3’s Marco Polo blockchain network for trade finance this May. Bradesco is among Brazil’s leading banks, with total assets worth $338.2 billion and a market capitalization of $49.1 billion.
In February, a Cointelegraph analysis piece reported on the burgeoning development of blockchain-based digital ID platforms across the banking and corporate sectors worldwide.