• Visa has been selected by the Brazilian central bank to explore blockchain technology-powered usage cases for a prototype digital real.
• The firm’s solution is a financial platform designed for small and medium-sized enterprises (SMEs).
• This platform comprises an interoperability solution, which will allow agricultural industry players to use the digital real in different markets and networks.
Visa Selected by Brazilian Central Bank
The payments giant Visa has been selected by the Brazilian central bank to “explore” blockchain technology-powered “usage cases” for the prototype digital real. The bank is hopeful of debuting its coin later this year.
Visa Solution for SMEs
Visa has created a financial platform designed for small and medium-sized enterprises (SMEs). This platform comprises an interoperability solution, called Universal Payment Channel (UPC), that will allow agricultural industry players to use the digital real “in different markets and networks”.
Tokenization Expertise from Agrotoken
Visa made use of Agrotoken’s agricultural commodity tokenization expertise to transform existing Brazilian legal documents into “on-chain, tradable non-fungible tokens (NFTs)”. An on-chain sealed-bid auction solution was developed using smart contract technology, allowing global blockchain investors to participate in the funding process for SME financing.
Goals of Project
The goals of this project are twofold: it aims to reduce inconvenience caused by lack of access to traditional services and expand financing options available for SMEs to fund their business securely and frictionlessly.
This project was created in partnership with Agrotoken, Microsoft, and Sinqia. With their combined expertise, Visa hopes that its offering will be of particular interest to small scale farmers and agricultural firms across Brazil.