Banco Central do Brasil (BCB) introduced a blockchain platform “Pier” for data exchange between financial regulators of the country.
The decision will allow state institutions to exchange information without the participation of the Central Bank. “Pier” will store the data using cryptographic signatures which will prevent third parties from interfering. The developer of the new solution was the bank the Banco Central do Brasil IT department (Deinf).
"Traditional business models of information exchange between several entities require a centralising entity, which ends up exercising a certain degree of operational hierarchical superiority over the remaining ones, which doesn't necessarily reflect the institutional reality," Aristides Cavalcante, deputy head of Deinf, said.
The platform uses other advantages of distributed ledger technology. Blockchain will allow to build a horizontal information system and ensure the data is unchanged, the BCB release said.
A full launch of the platform is planned for the end of 2018. Earlier, the Central Bank tested this solution on four platforms: Ethereum, Quorum, Hyperledger Fabric and Corda with the last regulator tested in November of 2017.
However, according to the representatives of the bank, BCB suspended work because of the immaturity of the technology. At the moment it is not known exactly which platform “Pier” will be based on.
By Ekaterina Ulyanova