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

Briefing

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

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

Market Disruption

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

Original Publication Date

July 27, 2018

Leave a comment