Santander Is Testing Blockchain Platform For Registering Used Cars In Brazil

Spain’s largest commercial bank is testing a blockchain platform for vehicle registration in Brazil. Santander’s project is one of the initiatives selected by the Brazilian central bank to apply and test CBDC use cases in the economy.

Santander Is Testing Blockchain Platform For Registering Used Cars In Brazil

Santander continues to expand its blockchain-based offerings to customers. The bank’s local branch in Brazil has launched a vehicle trading and registration platform built on a blockchain ledger. The tokenized platform currently in its beta testing phase is designed to utilize smart contracts to automate the process of transferring property ownership.

 

The banking giant’s used cars registry platform will deploy smart contracts on a delivery versus payment settlement protocol, a methodology that guarantees ownership transfer after completion of payment. Santander Brazil is partnering with Parfin, a Latin American digital custody and Web3 infrastructure provider, to build the Ethereum-based private blockchain network which will be centralized and permissioned.

 

Santander’s used cars registry platform is one of the projects selected by the Financial Innovations Laboratory (LIFT) of the Brazilian central bank. LIFT acts as a project incubator to apply and test the Digital Real, the country’s digital currency, in various use cases. Digital real is expected to be launched in 2024. Santander Bank, who claims Brazil to be one of the most innovative and forward thinking economies in the world, pointed out that regulations are the biggest challenge to implementing blockchain technology. The bank expects its blockchain registration platform to conduct real world transactions sooner.

 

“Technology is moving faster than regulation. The challenge is in regulation. But Brazil is ahead in that sense, the authorities are bold, so we may have this sooner than we thought,” said Jayme Chataque, Open Finance Superintendent at Santander.

 

Santander has been actively experimenting with and implementing blockchain-based technologies to various services it offers. Spain’s largest commercial bank recently partnered with chip manufacturer Qualcomm to build products and services for the metaverse. The bank is also working with Ripple (XRP) to release tokenized infrastructure for agro commodities and issuing bonds.

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