126 Banks-Strong Brazilian Association Febraban Reveals Blockchain Tests

Febraban, the Brazilian Federation of Banks with over 120 associated banks, is actively exploring and researching blockchain technology.

The Federation has published tests that have been carried out on different platforms such as Corda, developed by the global banking consortium R3. Recently, it has announced the addition of another event, the CIAB Febraban, whose talks to start in June 2018 will be on Artificial Intelligence, Machine Learning, Blockchain, IOT and how these changes can quickly create or destroy a business.

Since 2016, the Federation has explored the potential of the blockchain, creating the Blockchain Working Group the same year. The group composes of members of the Technology and Banking Automation Executive Committee – Banco do Brasil, Bancoob, Banrisul, Bradesco, BTG Pactual, Caixa, Citibank, Itaú Unibanco, JP Morgan, Safra, Santander as well as the Brazilian Central Bank, CIP and B3, a new company resulting from the merger of BM & FBOVESPA and Cetip. Last year, Febraban also organized its first-ever blockchain event focused on the use of technology. It announced that blockchain tech allied with Artificial Intelligence (AI) is the focus of the institution.

According to a survey conducted by the federation last year, 65% of industry executives in Brazil said that their companies study blockchain implementation and 29% already evaluate analytics and cognitive computing or AI experiences.