The blockchain software consortium R3 has been reportedly developing a blockchain platform in Brazil.
The initiative is made possible through its partnership with major banks and stock exchange in the country including banks Bradesco, Itau and B3.
The R3 consortium is composed of large banks and technology companies which during the CIAB Febraban event in Sao Paulo announced the collaboration with Brazillian banks.
It was also revealed during the said event that the collaboration will see the development of a blockchain-enabled platform for foreign trade and insurance.
Furthermore, the consortium is currently working with the Brazilian Stock Exchange that has been using its Corda platform for digital identification.
R3 executive claims that before the further expansion of the nascent industry, blockchain technology needs to mature and become more secure enough for large corporations, which is exactly what the consortium aiming to do with its initiatives.
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