Značka: Transport

Santander bank trials blockchain platform for used cars in Brazil

Major global bank Santander continues exploring the benefits of blockchain technology, with a local branch implementing blockchain for vehicle trading and car registration.Santander Brasil has launched testing of a blockchain-based tokenization platform for transferring ownership of used cars in Brazil, Cointelegraph Brasil reported on Oct. 19.The platform is designed to automate the process of transferring property registration by deploying smart contracts based on a delivery versus payment (DVP), a settlement method guaranteeing the ownership transfer after successful payment.Santander’s latest vehicle registration solution is developed in partnership with Parfin, major digital custody and Web3 infrastructure provider in Latin America.According to Parfin co-founder and chief technology officer Alex Buelau, the platform will be based on a proprietary blockchain network developed from the Ethereum blockchain. But in contrast to Ethereum, the system’s blockchain will be permissioned or private, meaning that it will not be publicly accessible.Santander’s project is part of initiatives selected by Brazil’s central bank’s Financial Innovations Laboratory (Lift). The Lift acts as a project incubator, with one of the goals to apply the digital real, or Brazil’s central bank digital currency, which is reportedly scheduled for launch in 2024. In the meantime, Santander has already presented its demo platform to the central bank, aiming to test real transactions involving in the near future.Jayme Chataque, open finance superintendent at Santander, suggested that the same technology could be used for selling and registering properties. “It has both convenience and security benefits for both the buyer and the seller. You turn two transactions into one,” he noted.Related: $50B asset custody platform GK8 enters Brazil with license agreementBuelau reportedly pointed out that regulation is one of the few major challenges on the path to mass adoption of blockchain technology, stating:“Technology is moving faster than regulation. […] The challenge is in regulation. But Brazil is ahead in that sense, the authorities are bold, so we may have this sooner than we thought.”Santander Brasil is the Brazilian unit of Spain’s largest commercial bank, Banco Santander. The local bank is known for its crypto-friendly stance, with CEO Mario Leao reportedly announcing Santander Brasil’s plans to launch crypto trading earlier this year.The global Santander bank has also been actively experimenting with blockchain technology, jointly working on tokenization infrastructure for agro commodities and issuing blockchain-based bonds. The bank is also known for its close collaboration with major crypto firm Ripple.

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Ferrari’s new deal with blockchain firm Velas hints at NFTs

Italian luxury sports car manufacturer Ferrari is moving into the blockchain industry by inking a partnership with Swiss blockchain startup Velas Network.Ferrari officially announced Monday that it had signed a multi-year agreement with Velas to jointly issue “exclusive digital content” for the Scuderia’s fans. Velas will also be the main sponsor for Ferrari Esports Series, the online series competing in the F1 Esports Series, the official digital championship including all teams participating in the FIA Formula 1 World Championship.The announcement describes Velas as a major company in the industry of digital assets and blockchain, emphasizing the startup’s focus on nonfungible tokens (NFT):“A global player in the blockchain and NFT sector, Velas has distinguished itself through the performance and innovation of its services and its technological leadership, characteristics that unite it with the Maranello team.”Scuderia Ferrari general manager Mattia Binotto noted that the company chose Velas as one of its premium partners, as the companies share values such as innovation and performance of technologically advanced products and services.Farkhad Shagulyamov, a co-founder and newly appointed CEO of Velas, said that it was natural for Velas to partner with “another icon of excellence, which is Ferrari.” “Velas has introduced an innovative variety of pioneering technology into the blockchain and associated products, which will now be showcased at the pinnacle of motorsport,” he noted.The next chapter is coming Today, Velas officially partnered with Scuderia Ferrari. Thanks to both the @ScuderiaFerrari and @VelasBlockchain teams for such fantastic work you have done together.Don’t miss our updates to know more pic.twitter.com/X6NuVkKCkR— Farkhad S (@SFarkhad) December 27, 2021Ferrari and Velas did not immediately respond to Cointelegraph’s request for comment.Related: Global search interest for ‘NFT’ surpasses ‘crypto’ for the first time everVelas is an open-source blockchain network working to provide a mix of the best features of centralized and decentralized tools. As of October, the firm allocated $100 million to startups building on top of the Velas blockchain, which was a significant surge from its initial pledge of $5 million.Velas (VLX), the native token of the Velas blockchain, has edged up significantly recently. Trading at $0.346, the token is up around 4% over the past 24 hours at the time of writing, according to data from CoinGecko. VLX is up more than 70% over the past seven days.

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