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Brazil's Febraban, BM&FBOVESPA, CIP testing blockchain technology

Brazilian banking federation Febraban and stock exchange operator BM&FBOVESPA SA – Bolsa de Valores Mercadorias e Futuros, along with Brazil's interbank payments chamber CIP, have started testing the application of blockchain, the technology component behind digital currency bitcoin, in the local financial system, Valor Econômico reported.

Two projects are now being tested with technology firms with the aim of creating a single customer registry for electronic payments that can be shared among financial institutions.

A project named Fingerprint was tested on the Corda platform, which was developed by R3, the international consortium of global financial companies that include Itaú Unibanco Holding SA and Banco Bradesco SA.

Another simulation was made on IBM's Hyperledger platform, according to Valor.

Adilson Fernandes da Conceição, technology coordinator of Febraban, told the publication the projects were still only on a testing stage.