By Scott Galbraith
Santander Bank, formerly Sovereign Bank, is working on a blockchain platform for vehicle trading and registration. But, more importantly, Santander Brasil (a unit of Banco Santander) has started testing the blockchain-based tokenization platform.
Moreover, the blockchain platform will be used to transfer ownership of used cars in Brazil. It will automate the transfer of property ownership through smart contracts based on a delivery versus payment (DVP) mechanism. After every successful payment, the DVP’s job is to guarantee ownership transfer.
The company has been working on this for a long time, as Santander Brasil announced its plan to launch new crypto trading services for its customers in July this year.
Santander’s Latest Blockchain Platform
Santander Brasil, the third largest private bank in Brazil, is exploring the blockchain space heavily and won’t be backing down anytime soon. The bank has already announced its plan to launch a crypto trading platform and is now working on a tokenization infrastructure project.
Meanwhile, Brazil’s central bank’s 2022 Financial Innovations Laboratory (Lift) event selected Santander’s project as one of its initiatives. Lift is a project incubator whose plan for 2022 is to accelerate blockchain and digital currency projects.
Santander has already presented its demo platform to Brazil’s Central Bank and will soon test it with actual transactions. Santander’s superintendent, Jayme Chataque, hints that the upcoming technology can permit the selling and registration of properties.
“The platform is convenient and has great security for buyers and sellers. Seamlessly turning two transactions into one.”
To ensure the project’s success, Santander Brasil partnered with Parfin, a top Web3 infrastructure provider in Latin America. Alex Buelau Parfin, Co-founder and Chief Technology Officer, claimed they would develop the platform’s proprietary blockchain network on Ethereum.
Furthermore, he said it would be different from Ethereum as the new blockchain platform will be private and permissioned – only those with access can use the forum.
Buelau further disclosed that regulation and mass adoption are two significant challenges the blockchain faces. He says, “I believe that tech is moving faster than regulation, but the challenge is regulation. However, Brazil seems ahead on this topic since our authorities are bold. So, we may have mass adoption sooner than we thought.”
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