Tech Companies at Madeira's IBC Advance Blockchain Use in Fighting Fraud

Nearsoft and Connecting Software, two leading IT companies based at Madeira's International Business Center (IBC), have today announced a strategic alliance aimed at harnessing blockchain technology for fraud prevention. This collaboration marks a significant step forward in developing a sophisticated solution designed to combat fraudulent activities, particularly within the banking sector, with an eye towards broader applications in the future.

Nearsoft, specializing in IT solutions, operates from Madeira's IBC and employs over 30 professionals. Connecting Software, originating from Austria, also has a strong presence within Madeira's IBC. It's their largest development center, employing around 30 local experts.

In this initiative, blockchain technology, best known for its role in digital currencies like Bitcoin, is employed in a novel manner. Unlike its usual application in cryptocurrency, here blockchain's distributed ledger technology is utilized for its ability to securely and transparently record and verify transactions. This technology enables the creation of a secure, immutable digital record of documents, which plays a crucial role in fraud detection, allowing for real-time identification of document forgery or unauthorized alterations.

"We're thrilled about this partnership with Connecting Software," stated Pedro Camacho, CEO of Nearsoft. "Our shared dedication to innovation and providing top-tier solutions to our clients aligns perfectly. Together, we aim to foster trust and combat fraud."

Thomas Berndorfer, CEO of Connecting Software, added, "This collaboration is a landmark achievement. Nearsoft's expertise in banking sector solutions, combined with our deep knowledge in blockchain-based authentication, positions us to make impactful strides in this sector, as we have in areas like intellectual property protection and governance."

The alliance between Nearsoft and Connecting Software exemplifies the innovative spirit prevalent among companies in Madeira's IBC. These companies not only contribute significantly to the local economy through employment but are also at the forefront of introducing blockchain-based solutions for fraud prevention in the banking industry, thereby reinforcing Madeira's IBC as a hub of technological innovation.