Brazilian banks will soon make use of a new digital Blockchain Identity Platform. This system will be based on the Hyperledger Fabric. It has been developed by IBM and CIP, Brazil’s Central bank. The new identity platform will be used all over the nation. It will integrate into the Brazilian payment System(SPB). All the banks and financial firms in Brazil use this payment system.

The new Blockchain Identity Platform will verify the digital identities of the users. For this purpose, it will make use of the individual’s SIM card and phone info. Then the combination of this info will be used to generate a secure ID. The financial firms can use this ID to authenticate credentials of the users. This platform is apparently the first of its kind that is based on blockchain which multiple banks can use.

recently, other major banks also introduced the blockchain platform integrated with their services. The Raiffeisen Bank in Russia has launched the blockhain powered automated corporate settlement. Also, the Mashreq bank in UAE has come up with the blockchain mortgage platform.

Recently, Brazil has also set up a regulatory committee to regulate the use of cryptocurrencies in the nation. this will help exercise control over money laundering and other crypto related scams.