Brazil’s financial regulatory authorities are partnering to design a blockchain platform that will allow them to share data amongst themselves. The platform will be used for scrutiny, especially with political aspirants.
Called PIER, the platform integrates all blockchain-based data-sharing platforms to one, for verification and authenticity of political representatives and corporations. The Brazilian government is also considering integrating data from the judiciary, trade boards and international financial bodies into the system.
Developed by Brazil’s Central Bank, Banco Central does Brazil (BCB) in conjunction with the Brazilian private insurance superintendent, and local securities regulators. Brazil’s social security platform will also be a part of the new platform.
PIER is set to make background checks easier as it reduces the time required to validate the financial data of these individuals. The swift access to financial data will also make obtaining information on financial performance, legal entities and other related information, a lot less strenuous. Different departments will also find it easier to streamline data.
The executive secretary of the central bank, Adalberto Felinto da Cruz Júnior, refers to the partnership as yielding, adding that it has opened the door to more collaboration between the four regulatory authorities.
In February, the BCB announced a new instant payment platform to challenge cryptocurrencies.