Brazil’s Central Bank could soon launch its new blockchain platform to ensure exchange of authentic information between the country’s financial regulators.
Banco Central do Brasil, the central bank of Brazil, announced yesterday that it has developed a blockchain platform to facilitate secure data sharing between various other domestic financial regulators and itself. These regulators include:
Dubbed ‘Pier’, the platform will be used by the institutions to exchange data related to their authorization processes, including information on administrative sanctioning processes, the conduct of financial institutions’ officers, and the corporate control of entities regulated by the BCB.
By using the blockchain technology as its underlying technology, Pier is expected to eliminate the hierarchical nature of business models and help financial regulators in bypassing all centralized entities while communicating. Moreover, Pier would not let any third parties tamper with information, as every data request is stored using cryptographic signatures on the platform, the release says.
Aristides Cavalcante, deputy head of deINF (Department of Informatics) , explains:
“Currently there is some exchange of information regarding authorisation processes, which are not automated yet: staff from one of the institutions contact the others by letters or e-mails. Even the few queries that are automated by software still require some degree of human intervention. Staff from the CVM, for instance, may access the information by using the BCB IT system Unicad.”
It is still unclear which blockchain the new platform is based on, from the little information provided by the bank. But, in a November interview, the BCB made it public that it was developing proofs-of-concept on 4 different platforms – JP Morgan’s Quorum, Hyperledger Fabric, Ethereum, alongside Corda.
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