21 Jun 2018
Banco Central do Brasil (BCB) is reportedly working on the Blockchain platform for data exchange. The platform will enable secure data sharing between local financial regulators.
21 June, AtoZ Markets – It appears that Brazil could soon launch a new Blockchain platform that would aim to ensure the authenticity of information that is exchanged between Brazilian financial officials.
The central bank of Brazil, Banco Central do Brasil (BCB) has made a public announcement this Tuesday. The financial institution stated that it has developed the platform in a bid to enable secure data sharing between local financial regulators. These include Brazilian Superintendency of Private Insurance (SUSEP), the Brazilian Securities and Exchange Commission (CVM) and National Superintendency of Complementary Pensions (PREVIC).
In the announcement, the central bank has stated that Blockchain has provided such ability for the management of a horizontal network of data. The secure data storage has also been mentioned in the announcement.
The BCB has entitled the platform “Pier.” It is expected to be used to exchange data that is related to the authorization processes of financial institutions. These include punitive processes, the management of corporate companies that are regulated by the central bank and some tasks associated with administrator performance.
Thanks to the Blockchain technology, Pier will be able to eliminate the hierarchical nature of traditional business models and provide assistance to regulators in avoiding the third parties when communicating.
Moreover, the Pier would help prevent the possibility of the third parties tampering with the information. The data will be stored on the platforms with the help of cryptographic signatures.
The central bank of Brazil has appeared quite enthusiastic when it comes to experimenting with Blockchain. This is in spite of the fact that it previously claimed that Bitcoin is similar to a pyramid scheme. Earlier in November 2017, the central bank has stated that it was restarting the work with the latest version of R3’s Corda Blockchain. Previously, the financial institution has suspended the development because the older version of the platform was “too immature.”
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