The largest oil exploration company in Brazil and one of the largest in the world, Petrobras, is using a Blockchain solution developed by the Bank of Brazil to make payments, as the Brazilian medium CriptoFácil said on September 6.
The solution is part of the SBP (Brazilian System of Powers), which is a solution that uses the blockchain to define, together with corporate clients, who can move the company's money. The initiative has been explored with several clients, including Petrobras, which has identified, among others, time savings from the processes that involve these transactions.
"In Petrobras, for example, this process lasted eight business days. We created a blockchain for them and this period was reduced to three hours," said Bruno Barbosa Schmidt, Solutions Manager of the Technology Directorate of the Bank of Brazil.
Schimidt also notes that the use of blockchain technology brings value to the institution's customers, allowing transfers and payments 24×7, automating and reducing service time and gaining operational efficiency.
The Bank of Brazil in partnership with Caixa Econômica Federal, Sicoob, Banrisul and Santander have developed a joint solution, based on the blockchain, the SFD (Digital Financial System), so that customers of these institutions can transfer funds to each other, 24 hours a day, including weekends, with money made in the account in a matter of minutes, speeding up the TED processes.
"There is a lot of expectation about what can be generated and little development, but we conduct proof of concept and learn a lot from these experiments," said Schmidt.
As Cointelegraph Brasil recently reported, the Interbank Chamber of Payments (CIP) and the Brazilian Federation of Banks (Febraban) announced the launch of the first blockchain network in the national financial sector. It is the first blockhain-based platform to connect different financial institutions.
The first application of the new network is the "Device ID", which allows sharing a set of information from users of banks and financial institutions, in order to create a new security layer for anti-fraud and identification systems.
The project is already integrated into the Brazilian Payment System and was developed by the CIP in conjunction with Brazilian banks and IBM. The platform is currently using Hyperledger Fabric, however, according to Joaquim Kiyoshi Kavakama, General Superintendent of CIP, the CORDA R3 consortium will also be integrated into the system.
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