Nearsoft and Connecting Software, IT companies operating out of the Madeira International Business Centre (“Madeira Free Trade Zone”), announced a strategic partnership to use blockchain technology to fight fraud. The collaboration has enabled the two companies to develop a state-of-the-art solution to prevent and mitigate fraudulent activities. The solution is already in use in the banking sector and is expected to be extended to other industries.
Nearsoft is an IT solutions company based in Funchal, with more than 30 employees, which recently moved to Rua do Comboio (next to ISAL). Connecting Software is an Austrian software company with its largest development centre in Madeira, with around 30 employees working in Funchal, specifically in Caminho de Santo António.
Nearsoft is an IT solutions company based in Funchal, with more than 30 employees who recently moved to Rua do Comboio (next to ISAL). Connecting Software is an Austrian software company with its largest development centre in Madeira, with around 30 employees working in Funchal, specifically Caminho de Santo António.
The partnership between Nearsoft and Connecting Software is a positive example of Madeira Free Trade Zone companies’ work to promote innovation and competitiveness. The two companies employ dozens of local workers, contributing to Madeira’s economy, and the innovative solution that uses blockchain to combat fraud in the banking sector will help strengthen that position.
Blockchain technology is known for supporting cryptocurrencies such as Bitcoin, but its application is different in this case. This application uses blockchain as a distributed ledger, making it possible to record and verify transactions securely and transparently. A secure digital record of documents is thus created using blockchain technology, and this record is used in the context of fraud prevention, allowing for the real-time detection of forgeries or improper alterations to documents.
“We are excited about this partnership with Connecting Software,” said Pedro Camacho, CEO of Nearsoft. “Both companies have a strong culture of innovation and are committed to providing their customers with state-of-the-art solutions that promote trust and combat fraud.”
“This partnership is an important milestone,” added Thomas Berndorfer, CEO of Connecting Software. “Nearsoft is a leading partner in solutions for the banking sector, and we are confident that with our expertise in ensuring authenticity with Blockchain, we will make a difference in this sector, just as we have already done in intellectual property protection, governance, and others.”