Spain-based bank Santander is testing blockchain technology for used car sales transactions.
Santander Brazil’s project is one of the initiatives selected by Brazil’s central bank for the Financial Innovations Lab (Lift). One of the aims of Lift, which functions as a project incubator, is to create the digital real, i.e. Brazil’s CBDC. CBDC is expected to be launched in 2024.
Santander to Use Blockchain Technology in Used Car Sales
Santander Brazil has launched tests of a blockchain-based tokenization platform to be used in used vehicle trading.
The trading platform, which uses smart contracts, is designed to automate the process of transferring licenses. The platform uses DVP, a payment method that guarantees transfer of ownership after successful payments.
Santander has developed its new vehicle registration solution in collaboration with Parfin, a major Latin America digital storage service and Web3 infrastructure provider.
Parfin Co-Founder and CTO Alex Buelau announced that the platform will use a blockchain network of their own developed on the Ethereum blockchain. The difference of Blockchain from Ethereum is that it is permission-based, so the network will not be accessible to everyone.
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