Brazilian Payment System To Integrate Blockchain-Powered Digital ID Platform

Blockchain, Innovation, News | June 4, 2019 By:

A blockchain-based identity solution powered by Hyperledger Fabric will reportedly be integrated into the Brazilian Payments System (SPB).

The identity solution was co-developed by tech giant IBM and CIP, Brazil’s Interbank Payment Clearing House. The solution is 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. The combined data will generate a secure ID, which will be recorded on a blockchain. The IDs can be used by institutions to authenticate access credentials.

The solution will be integrated into the SPB, which consists of the entities, systems and procedures related to the clearing and settlement of funds transfer, foreign currency operations, financial assets, and securities transactions. The SPB members are systems in charge of cheque clearing services, clearing and settlement of electronic debit and credit orders, funds transfers, and other financial assets, clearing and settlement of securities transactions, clearing and settlement of commodities and futures transactions, and others, collectively called Financial Market Infrastructures (FMI).

IBM and CIP did not disclose any details of the project but confirmed that a new bank-focused blockchain platform will be launched during major Latin American banking technology event CIAB Febraban on June 11.