BB and Caixa sign deal to tokenize real estate credit using blockchain
Brazil's Banco do Brasil and Caixa Econômica Federal, alongside cooperative groups Ailos, Sicoob, Sicredi, and Unicred, signed a technical cooperation agreement with the ONS operator to digitize real estate credit contracts via blockchain.
The five Brazilian financial institutions joined forces to launch a project aimed at reducing bureaucracy in mortgage financing. They signed a technical cooperation agreement with the Operador Nacional do Sistema de Registro Eletrônico de Imóveis (ONS). The deal involves creating digital infrastructure based on blockchain technology. This technology will transform contracts and records into secure digital assets, allowing for faster data exchange between participants. Testing is scheduled to begin in March of next year. The goal is to ensure interoperability among all parties involved. Participating institutions will now discuss business models, integration approaches, and necessary technological solutions to make the project viable. General manager of technology at BB, Julierme de Souza, stated that tokenization enables process integration, generates efficiency, security, traceability, and value for the market. The initiative is expected to accelerate modernization of the Brazilian real estate market.
