Santander Bank, based in Brazil, presented its project at the Lift Challenge Real Digital 2023, aimed at trading assets such as homes and vehicles through the technology provided by NFTs (non-fungible tokens).
Santander Bank in Brazil has unveiled an innovative project that involves trading real assets such as cars and houses using non-fungible tokens (NFTs) technology. The financial institution is working to create blockchain-based solutions for real estate and vehicle negotiations in Brazil. This was confirmed by Evandro Camilo, the head of Digital Asset Products at Santander Brazil.
The bank’s project is directly related to the upcoming launch of the country’s central bank digital currency (CBDC), also known as the “real digital,” which will be built on the Hyperledger Besu technology. As a result, this new service will be able to enjoy the technological capabilities provided by other blockchains such as Ethereum, in terms of programming smart contracts for the EVM (Ethereum Virtual Machine).
Main Features of Hyperledger Besu
Among the main features of Hyperledger Besu’s technology are:
- Storage of data related to transactions.
- Application programming interfaces (APIs) that allow developers to interact with the Ethereum blockchain or other compatible blockchains.
- Peer-to-peer (P2P) networking tools to communicate with other nodes on the network.
- An execution environment to process transactions on the Ethereum or other compatible blockchain.
Santander Brasil’s NFT project for the tokenization of houses and cars
The project proposed by Santander Bank in Brazil is specifically related to the tokenization and buying/selling of real assets through the previously mentioned “real digital” CBDC.
The idea is to convert houses and/or cars into tokens through a digital code in the bank’s app. As a result, customers can choose to exchange the asset for digital reals in their account without the need for unnecessary paperwork or bureaucratic procedures that are time-consuming and can be lost.
The NFT project for these assets was presented by the bank, chaired by Ana Botín, so that its users can easily register and negotiate directly without intermediaries, as it will operate 24 hours a day, 7 days a week.
The bank is also considering creating an internal marketplace to help sellers and buyers find ideal liquidity for their assets. By using digital reals for the negotiations of these assets, Santander Bank in Brazil wants to innovate and create NFTs, while shortening transaction times between people.
The main bank based in Spain aims to be one of the first traditional institutions to advance with technology and create services related to CBDC or digital currency. It is worth noting that the services of Santander in Brazil are one of the most profitable for this Spanish entity, and the arrival of the digital real is already planned for 2024.
As mentioned earlier, this NFT tokenization project was presented by Evandro Camilo at the Lift Challenge Real Digital 2023, an event held by the Central Bank of Brazil and the National Federation of Central Bank Employees’ Associations.
The Lift Challenge Real Digital aims to evaluate different use cases of the Brazilian digital real and the various technological solutions that this new financial tool can offer.
In addition, a total of 47 projects were presented by different organizations and Santander’s project was one of the nine chosen for implementation, as confirmed by the Lift Challenge website.
The proposal presented by Evandro was called ‘Santander Vehicles and Businesses‘ and aims to buy and sell homes and cars while taking advantage of the benefits of digital real and Hyperledger Besu to accelerate negotiations between clients and eliminate excessive bureaucracy that currently exists in the Brazilian market.
Moreover, the bank made it clear in the presentation of its project that the digitization of assets greatly facilitates operations in the market, as they can be carried out in a matter of minutes and safely.
Finally, it is worth remembering that Brazil is one of the countries in South America that has achieved the most adoption in the crypto industry, to the point that Lift Challenge Real Digital, in one of its nine selected projects, is also Mercado Bitcoin, a Brazilian startup that proposes the trade of digital assets using the Delivery versus Payment (DvP) method in real estate and vehicles, very similar to that of Santander Bank.
Written by Rodrigo Catalan (TW: @RodrigoCatalanB) for NFT Express