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Santander: Bank tests blockchain platform for used cars in Brazil

 


Major international bank Santander continues to explore the benefits of blockchain technology. Now the bank uses the technology for vehicle trading and vehicle registration.


Santander Brasil is testing a blockchain-based tokenization platform for transferring ownership of used cars in Brazil, Cointelegraph Brasil reported Oct. 19 .


The platform aims to automate the process of transferring ownership. Smart contracts are used for this purpose, where delivery is made against payment. Once payment has been made, ownership is then automatically transferred.


Santander developed this solution in cooperation with Parfin. This is a major digital custody and Web3 infrastructure provider in Latin America.


According to Alex Buelau, Parfin's co-founder and chief technology officer, the platform will be based on a proprietary blockchain network built on top of the Ethereum blockchain. However, unlike Ethereum, the system's blockchain will be permissioned or private, meaning it will not be publicly accessible.


Santander's project is one of the initiatives selected by the Bank of Brazil's Financial Innovation Laboratory (LIFT). Acting as a project incubator, the lift intends to use the digital real, a central bank digital currency of Brazil, due to be released in 2024. Santander has already presented a demo platform to the central bank that will be used to test real transactions in the near future.


Jayme Chataque, Open Finance Superintendent at Santander, explained the same technology could also be used for property sales and registration. "It's more convenient and safer for both the buyer and the seller. You make two transactions into one," he said.

Buelau explained that regulation is one of the hurdles on the road to mass adoption of blockchain technology:


"Technology is evolving faster than regulation. [...] The challenge is in regulation. But Brazil is a step ahead in that regard, the authorities are brave, so it could happen to us sooner than we thought."

Santander Brasil is the Brazilian unit of the largest Spanish commercial bank, Banco Santander. The bank is known for its crypto-friendly stance. CEO Mario Leão announced earlier this year that Santander Brasil would like to offer crypto trading.

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