(this article first appeared on The Trade)

Brazil exchange group BM&FBOVESPA has become the first exchange to join R3’s blockchain initiative.

The exchange will work the R3’s Consortium members – now consisting of 60 institutions and financial industry, technology and blockchain experts – to develop the ‘commercial applications’ of blockchain and apply the technology to its markets.

Consortium members work with R3 to develop its blockchain platform ‘Corda’, which records, manages and synchronises financial agreements between companies.

Corda is “heavily inspired by and captures the benefits of blockchain systems, without the design choices that make blockchain inappropriate for many financial markets scenarios,” R3 said.

Jochen Mielke de Lima, BM&FBOVESPA’s IT managing director, explained the exchange has already been researching the applications of blockchain.

Client and business development manager Fabio Dutra, added that BM&FBOVESPA believes that “strong collaboration” with regulators, customers and vendors, “is crucial to futureproof financial and capital markets.”

China Merchants Bank also joined R3 earlier this month to develop blockchain applications, specifically within Chinese markets.