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Brazil resort to Blockchain to rescue the economy

Maya Mandzikasvili | Jul. 5, 2019
Brazil resort to Blockchain to rescue the economy

July 5, 2019 | AtoZ Markets - Following the reports of Brazil’s economy risks recession the real-time gross settlement system provider Ripple is considering to expand its presence to nations like Peru, Chile, and Argentina. Will Ripple’s blockchain rescue the economy of the South American region? 

Blockchain technology as part of anticrisis initiatives 

The company collaborates with Fundação Getulio Vargas per its University Blockchain Research Initiative and universities.

According to the latest reports from Ripple's representatives in South America and Brazilian financial institutions officials, important banks will present a blockchain platform, developed alongside dispersed ledger consortium R3, as well as the lender Itau. New Ripple's blockchain platform is centered on insurance and exchange.

Ripple has already partnered with over a dozen Brazilian financial institutions and money transfer businesses — such as Santander Brazil, global payment support BeeTech and Banco Rendimento. In addition, as the local media reports, Brazilian authorities can also be setting a regulatory sandbox. 

Brazilian banks are analyzing blockchain technology 

The head for Brazil in R3, Keiji Sakai in his latest statement noted, that nine banks are currently engaging in Device ID development, a platform made to authenticate and verify signatures.

Joaquim Kiyoshi Kavakama, manager of the Brazilian Federation of Banks, while speaking on Brazil’s domestic banking institution state, mentioned the massive impact of weak economic growth. At the moment, the unemployment rate in Brazil stands at 12.5 percent.

Thus, due to the risk of a possible recession in the country, Brazilians are getting less opposed toward crypto. The Brazilian official Bruno Peroni of Atlas Quantum has presented the newest draft invoice, branded the Digital Provision of Public Services at Public Administration — Digital Government, which requires state and federal authorities branches to research technologies such as artificial intelligence and blockchain to enhance public services.

The Japanese tech giant uses blockchain technology to elevate digital identity technology

Fujitsu Laboratories Ltd, the research and development division of a Japanese tech giant Fujitsu Ltd has developed technology based on blockchain that enables individual users and businesses involved in online transactions to confirm the identity of other parties in transactions.

As the local media reports, the innovation analyzes the risk of falsification and the trustworthiness of the other party’s personal credentials in online transactions

About Fujitsu Laboratories Ltd new technology in a brief 

The technology is based on a Decentralized Identification (DID) which utilizes blockchain and improves an identification process of the other party’s personal credentials when a user conducts a transaction online.

DID is a system in which a third party guarantees the accuracy of a given individual’s identity and personal credentials.

The identification process goes through a mutual evaluation of the users when a transaction occurs, and by inferring the relationships between users based on past transaction data.

It also enables users to confirm the trustworthiness of the other party, drawing on factors including evaluations by users who had engaged in transactions with the party in question, as part of a decentralized identification system.

Evaluations (e.g. reputation and rating) for each user in a transaction are recorded as a series of transaction data. The system converts the trustworthy transaction data about individuals shared on the blockchain into a graph structure so that the relationships between users can be understood.

A trustworthiness score is attached to each user by weighting factors including how many trusted users evaluate them highly.

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Disclaimer: The views and opinions expressed in this article are solely those of the author and do not reflect the official policy or position of AtoZ Markets.com, nor should they be attributed to AtoZMarkets.