The Brazilian Federation of Banks which at the moment has almost 120 associated banks called Febraban, is actively researching blockchain technology. A source has revealed that the federation already published several tests conducted on a number of platforms. One of the platforms was Corda which is said to have been developed by R3 which happens to be a global banking consortium.

It was a short while back that it proceeded to make the announcement regarding the addition of the CIAB Febraban. If all moves according to plan, it is expected that the talks might be starting somewhere on June 2018 and they will be centered around IOT, Blockchain, Machine Learning and Artificial Intelligence. Another point is that they will be seeking to establish exactly how the changes could end up either creating or destroying a business.

From way back in 2016, the Federation is said to have undertaken the exploration of the potential of blockchain and of course that had much to do with coming up with the Blockchain Working Group which took place in the same year. It was a group comprising of members of the Banking and Technology Automation Executive Committee – Safra, Itaú Unibanco, Citibank, Caixa, BTG Pactual, Bradesco, Banrisul, Bancoob, and Banco do Brasil.

Febraban in the previous year saw it fit to organize its own first-ever blockchain event and its central focus was on the use of technology. In the latest announcement, it was brought to the limelight that the blockchain tech had proceeded to ally with Artificial Intelligence (AI) and it goes without saying that the future of the institution is looking bright.

It was barely a year down the line since the federation took to conducting a survey that saw about 65% of industry executives in Brazil move forward to outline that their companies from time to time engaged in the study of the blockchain implementation. He went further to state that about 29% already evaluate AI experiences and analytics.