Santander Brasil Exploring Usage Of Tokenization Platform
The proposed method will focus on facilitating the negotiation of ownership titles for real estate and vehicles. It involves payment on delivery, where payment for the property occurs at the same time as the transfer of ownership to the buyer.
Santander Brasil aims to streamline the current bureaucratic process of real estate and vehicle transactions, which it sees as a barrier to negotiations, by using its new solution.
Through the tokenization of assets, customers can quickly and easily exchange the asset for digital currency in their account without the need for paperwork and other unnecessary bureaucracy. Santander has also presented the concept of creating vehicle NFTs for transit authorities to register and trade between people, along with the concept of NFTs for real estate.
The bank has tested two DLTs to reduce bureaucracy in negotiations, one compatible with the Ethereum Virtual Machine and the other more private. If implemented, this platform has the potential to revolutionize the real estate and vehicle market, allowing negotiations to take place 24/7. A marketplace can also help buyers and sellers seek liquidity for their assets.
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