Santander tests blockchain in real estate and vehicle negotiations

In a presentation at the LIFT Challenge over the past few days, Evandro Camilo, Head of Products in Digital Assets at Santander Brasil, presented the bank’s project to use blockchain in real estate and vehicle negotiations.

The project may even appear in the future in the digital Real, a currency under study by the Central Bank of Brazil. In central bank planning with partner institutions, the use of the Hyperledger Besu blockchain envisions the creation of new financial products and services.

The official digital Real should arrive by 2024, and institutions such as Santander will be able to submit their proposals to partner with the new currency.

Santander presents innovation proposal with real digital blockchain for real estate and car negotiations

Last Tuesday (25) Santander participated in LIFT Day 2023, promoted by the Central Bank of Brazil in partnership with Fenasbac.

The Brazilian division of the major Spanish bank showed in its presentation that the current system of real estate and vehicle transactions is very bureaucratic. Santander believes that the unnecessary portion of bureaucracy is an obstacle to negotiations, and intends to solve the problem with the help of his solution.

“Santander Veículos e Negócios” comes with the motto of tokenization of purchase and sale, using the digital Real.

Thus, a property becomes a digital code in the bank’s application when it is tokenized. In addition, vehicles will also be able to go through the same tokenization system.

With the tokenization of assets, customers can then choose to exchange the asset in their account for digital Reais, without the need for paperwork and other unnecessary bureaucracy, such as notaries.

The bank believes that the digitization of assets facilitates trading in the Brazilian market, which can take place in minutes and securely.

Santander flowchart for trading real estate and vehicles on blockchain
Santander real estate and vehicle trading flowchart on blockchain/reproduction.

Santander has already field-tested his project with a prototype of the product, he stated in his presentation to the public.

Traffic bureaus can create NFTs and vehicles and facilitate enforcement

After the presentation of “Santander Veículos e Imóveis”, the bank stated that it can get its product off the ground and eliminate some of the bureaucracy in vehicle and real estate negotiations, currently “very physical and not very digital”.

Santander also presented a concept for transport authorities to create NFTs for vehicles so that they can be easily registered and traded between people. In addition, the concept of NFTs for real estate was also discussed during the speech of the bank’s Head of Products.

Banco Santander Brasil wants to use the digital real for trading vehicles, which may have their own NFTs in the future
Banco Santander Brasil wants to use the digital real for trading vehicles, which may have their own NFTs in the future. Reproduction: BCB.

Santander tested two DLTs in his thesis to reduce bureaucracy in negotiations, one compatible with the Ethereum Virtual Machine and the other more private.

If implementation becomes possible, negotiations in the real estate and car markets can take place 24 hours a day, 7 days a week. To do this, a marketplace can help buyers and sellers find liquidity for their assets.

Finally, Santander continues to study the solution to improve the product and its security.

Source: Live Coins