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Santander bank trials blockchain platform for used cars in Brazil

October 24, 2022


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.

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