Banco Bradesco, one of the biggest banking and financial services companies in Brazil, has joined financial innovation firm R3’s partnership to design and apply distributed and shared ledger-inspired technologies to global financial markets.
We had earlier reported that Itaú Unibanco, the largest private sector bank in Latin America, became the first Latin America bank to join distributed ledger technology consortium R3.
R3 has also been expanding recently in Asia.
Bradesco will be collaborating with over 50 of the world’s largest financial institutions to develop groundbreaking commercial applications for the financial services industry that leverage the appropriate elements of distributed and shared ledger technology.
The R3 team of financial industry veterans, technologists and blockchain and cryptocurrency experts collaborate with consortium members on research, experimentation, design and engineering to help advance this technology to meet banking requirements for identity, privacy, security, scalability, interoperability and integration with legacy systems.
R3 recently unveiled Corda, its shared ledger platform specifically designed to record, manage and synchronize financial agreements between regulated financial institutions. It is heavily inspired by and captures the benefits of blockchain systems, without the design choices that make blockchains inappropriate for many banking scenarios.
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.”
Bradesco joins the global network of R3 partners united in its lab environment, the R3 Lab and Research Centre, which has quickly become a center of gravity for collaborative research and testing of distributed and shared-ledger inspired technologies.