Development banks of BRICS nations formed new consortium that will conduct research on blockchain technology to innovate on financial sector applications

Briefing

August 10, 2018

Briefing	BRICS Blockchain Consortium – Development banks of Brazil, Russia, India, China, and South Africa (BRICS) formed consortium that will research blockchain applications for development of digital economy Consortium Members – Include State Corporation Vnesheconombank (Russia), Banco Nacional de Desenvolvimento Econômico e Social-BNDES (Brazil), Export-Import Bank of India (Exim Bank), China Development Bank (CDB), and Development Bank of Southern Africa Limited (DBSA) Official Agreement – Signed at 10th BRICS summit in Johannesburg, South Africa on July 2018 Potential Applications – Include financial services applications, such as credit card financing tools for national currencies, as well as new innovations in infrastructure finance and bank products optimization
Accelerator	Emerging Market Opportunities, Web3 Ecosystems, Tokens and Consensus Mechanisms
Market Disruption	Innovation, Competitiveness and Trade, Unbundling Banking
Sector	Financial Services
Organization	Banco Nacional de Desenvolvimento Econômico e Social (BNDES), China Development Bank (CDB), Development Bank of Southern Africa Ltd. (DBSA), Export-Import Bank of India (Exim Bank), Vnesheconombank
Source	"Brazil, Russia, India, China & South Africa (BRICS) banks to explore blockchain benefits," Bitcoin Exchange Guide, https://bitcoinexchangeguide.com/; De, N., "BRICS bank consortium to research blockchain applications", CoinDesk, http://www.coindesk.com/; "Vnesheconombank and BRICS Development Banks Will Research the Implementation of Blockchain Technology," PR Newswire, http://www.prnewswire.com/; AcceleratingBiz analysis
Original Publication Date	July 27, 2018

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