The central bank of Brazil has created a blockchain platform, currently in testing, that would link financial regulators and promote data sharing.
The ledger, called the Information Integration Platform for Regulators (Pier), will be used by regulators to exchange information on general authorization processes of financial institutions, ranging from administrative processes to the conduct of employees. Additional information not related to administrative sanctioning processes can also be shared if mutual interest is shown.
Pier, developed by the Banco Central de Brasil’s IT department (Deinf), will connect the Securities and Exchange Commission of Brazil (CVM), and the National Pension Funds Authority (Previc). The platform is currently in alpha testing, with plans to go live at the end of 2018.
Deputy head of Deinf, Aristides Cavalcante, said in a statement that the impetus to develop a blockchain platform came from the benefits of horizontal information sharing, adding that
“Furthermore, as the blockchain platform records every data request using cryptographic signatures, it is possible to certify at any moment the authorship, and that no entity has tampered with the data, and thus guaranteeing information authenticity.”
In April, Cointelegraph published an Expert Take on how a presidential cryptocurrency money laundering scheme has led Brazil to implement more blockchain tech, specifically with the use of documenting funding on the Ethereum (ETH) blockchain.