Major banks from BRICS countries signed a Memorandum of Understanding (MoU) on the development and implementation of DLT during their 10th summit in South Africa, on July 26.
Five major banks from Brazil, Russia, India, China and South Africa committed to conduct a joint study on DLT and its impact on the development of the digital economy. Mikhail Poluboyarinov, First Deputy Chairman and a Member of the Board at Vnesheconombank, said: “The current agreement allows the development banks of BRICS countries to study the applications of innovative technologies in infrastructure finance and bank products optimization."
BRICS summits have taken place yearly since 2009. Participants discuss initiatives and partnerships in the economic, cultural, and political fields. The current summit is focusing on economic collaboration and development “in the face of the fourth industrial revolution”.
Banks from different countries are finding various ways to apply DLT. The Reserve Bank of Zimbabwe is conducting its own study of blockchain, aiming to integrate it with business processes. The Bank of America filed a patent for a blockchain-based platform enabling the external validation of data. The Bank of Thailand sees blockchain as a means for cross-border payments and fraud protection.