Brazil's Banco Bradesco Joins R3 Blockchain Consortium

Expanding its foothold in South America, the R3 consortium today brought onboard Banco Bradesco, one of the biggest banking and financial services companies in Brazil. R3 already represents over fifty of the biggest banks and corporations in the world, in their collaboration to test how to incorporate Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term solutions in the global financial markets.

Maurício Machado de Minas, Executive Vice President at Bradesco, commented: “Innovation plays a crucial role at Bradesco and we are committed to better serve our customers and add value to our shareholders. Distributed ledger technologies can help us to achieve these objectives and we are excited about joining R3, so that we can work together and discover the full potential of this new technology.”

David Rutter, CEO of R3, commented: “The addition of Bradesco is a further milestone in the global expansion of our consortium. Latin America is an important region for us as we seek to develop distributed and shared ledger-inspired technology that meets the requirements of a diverse network of members operating in financial markets across the globe.”

Last week Toyota Financial Services, the financing, leasing and insurance brand for the Toyota car company in the US, managing assets totaling over $115 billion, became the first automotive financial services provider to join the R3 consortium.