Brazil’s Central Bank Developed Blockchain Platform for Regulators
June 21, 2018
New blockchain platform is likely to be launched in Brazil soon that is meant to be used for verifying data exchanged among the country’s financial institutions. The platform was developed by the Central Bank of Brazil.
The statement of the bank published on Tuesday says, the platform would ensure safe data exchange between the Central Bank and other financial regulators: Superintendency of Private Insurance (SUSEP), the Brazilian Securities and Exchange Commission (CVM) and National Superintendency of Complementary Pensions (PREVIC).
The platform was named Pier and will be used for authorization data exchange.
According to the statement, blockchain allowed for establishing horizontal data network with secure storage options.
Blockchain helps to refuse from hierarchical nature of traditional business models and provides for communication among regulators without involving central agencies, the media release says. In addition, blockchain will protect information from third party interference as data has cryptographic signatures.