Companies in various industries are looking into Blockchain technology, seeing the future in it. MasterCard Ireland is looking to hire blockchain specialists. Ford recently patented a blockchain-based system for its cars and Fujitsu opens a Blockchain Innovation Center in Europe.
What about the banks?
It seems that banks aren’t lagging behind either. Febraban, a Brazilian Federation of 120 banks, is very much looking into the technology. The Federation explored Blockchain’s potential since 2016, when it created the Blockchain Working Group. The group consists of the Technology and Banking Automation Executive Committee members: Banco do Brasil, Bancoob, Banrisul, Bradesco, BTG Pactual, Caixa, Citibank, Itaú Unibanco, JP Morgan, Safra, Santander, the Brazilian Central Bank, CIP and B3, a new company resulting from the BM & FBOVESPA merger and Cetip.
Febraban organised a blockchain event last year. It announced that Blockchain technology together with Artificial Intelligence (AI) is the group’s focus.
Febraban’s member, The Central Bank of Brazil, is already using the Ethereum platform to support one of the components of the Brazilian Payment System – the Reserve Transfer System (STR). The solution serves as a backup in the event of existing platform’s failure.
Last year 65% of Brazilian industry executives said their companies study Blockchain implementation according to a survey. And 29% evaluate AI or cognitive computing related technology.
Do you think that Blockchain technology is useful for banking? Let us know in the comments below!