Brazil’s central bank, Banco Central do Brasil (BCB), announced on Tuesday details of a new data sharing platform for use by the country’s financial regulators.
BCB detailed that the new blockchain-backed platform would provide a secure channel for relevant, domestic regulators to share data. Blockchain has been praised by BCB for providing an immutable data chain, as well as a horizontal information network.
The platform is being called ‘Pier’ and will assist in professional data exchanges, including punitive processes and the management of corporate entities that BCB oversee. The use of blockchain will allow each member to authenticate the source and origin of the content.
The blockchain on which Pier has been built is not disclosed, although in an interview last November, a spokesperson for BCB said that proof of concept was being developed on four platforms including Ethereum and JPMorgan’s Quorum.
Pier is currently in the final stages of testing at the Department of Informatics (deINF) at the Federal University of Maranhão, where much of the technical development took place. The launch is planned for the end of 2018.
Several entities cited to use Pier include the country’s Superintendency of Private Insurance (SUSEP), the Brazilian Securities and Exchange Commission (CVM) and National Superintendency of Complementary Pensions (PREVIC).
Despite the central bank’s successful blockchain experimentation, the president Ilan Goldfajn last year condemned Bitcoin, likening it to a pyramid scheme. He continued on to describe it as a ”typical bubble”, and a facilitator of illicit online activities.
Goldfajn made a point to separate technology companies from practices facilitated by Bitcoin.
Blockchain technology has been accepted and appreciated by institutions on a much greater scale than cryptocurrencies, with even NASA conducting deep space research this year on the Ethereum blockchain.
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