Brazil is modernizing its bureaucratic system by harnessing the ability of the Ethereum blockchain.
Banco Central do Brasil (BCB), the nation’s central financial institution, lately launched a blockchain-based data-sharing software that’s been in growth since 2017. BCB has invested over $250,000 on the challenge – the Platform for Data Integration of Regulatory Entities (PIER).
PIER runs on the Quorum blockchain, which is an Ethereum-based platform developed by banking large JP Morgan for giant enterprises. BNAmericas reports that the blockchain resolution additionally makes use of Microsoft’s Azure cloud computing service.
Earlier than PIER, monetary regulators in Brazil relied on snail mail and letters to ship inquiries and entry knowledge from different companies. The method of getting a response may take weeks. The brand new Ethereum-based monetary database digitizes all paper-based knowledge to expedite fast and safe inter-agency communication.
Duties are dramatically streamlined decreasing processing from hours and days to seconds. The platform additionally retains observe of all queries.
Along with the BCB, different monetary establishments are utilizing PIER, together with securities watchdog Comissão de Valores Mobiliários (CVM) and insurance coverage regulator Non-public Insurance coverage Superintendence (SUSEP).
Social safety superintendency PREVIC is presently testing the platform with plans to make use of the information clearinghouse sooner or later.
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