Connecting Software and Nearsoft Announce Partnership to Use Blockchain for Fighting Fraud 

Connecting Software and Nearsoft, two Madeiran technology companies based in the Madeira International Business Center, or Zona Franca, have established a partnership to use blockchain technology to combat fraud.

This joint effort between the two IT companies, located in the Autonomous Region of Madeira, has enabled the development of a solution that prevents and mitigates fraudulent activities, specifically in the banking industry. There are also plans to extend it to other business areas.

"We are excited about this partnership with Connecting Software. Both companies have a strong culture of innovation and are committed to providing our customers with state-of-the-art solutions that promote trust and mitigate fraud," said the Nearsoft CEO Pedro Camacho.

"This partnership is an important milestone. Nearsoft is a leading partner in solutions for the banking sector and we are confident that with our know-how in Blockchain authentication we will make a difference in this sector, just as we have already done in the protection of intellectual property, governance, and others," said Connecting Software's CEO, Thomas Berndorfer.

Connecting Software is a software integration company that originated in Austria and has its largest development center in Madeira, with around 30 employees. Meanwhile, Nearsoft is an IT solutions company with over than 30 employees, also having its largest development center in Madeira.

Blockchain technology has several applications, one of which, for example, makes it possible to record and verify transactions in a secure and transparent way. This allows for the detection of forgeries or improper alterations to documents in real time.