The Central Bank of Brazil has developed a Blockchain platform to facilitate the exchange of information among the country's financial regulators.
The platform that was created by the IT department of the Central Bank of Brazil (BCB) was nicknamed Pier, and will be used to distribute the data in a shared way between the central bank and other national regulators, the country's Private Insurance Superintendence (SUSEP), Brazilian Securities. Securities Commission (CVM) and the National Superintendency of Complementary Pension Plans (PREVIC).
Blockchain provides us with security and provides a "horizontal information exchange network," where there is no need for a centralized entity that could otherwise influence "operational hierarchical superiority" over others, explained the deputy chief of IT of BC Aristides Cavalcante.
The immutability, one of the characteristics of the blockchain that ensuring that no regulator can manipulate any of the data involved in the exchange of information, as each of the data is cryptographically recorded and ensures the authenticity of the information, said the central bank official.
"There is currently some exchange of information about the authorization processes, which are not yet automated: the staff of one institution contacts the others by letters or emails," said Cavalcante. "Even the few automated software queries still require a certain degree of human intervention."
The beginning
The Central Bank believes that Pier will allow access to information related to administrative sanction proceedings, adding that "any user of the system will be able to access any information deemed to be of mutual interest" in real time. The Pier platform will probably go live by the end of 2018.
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Source:
https://www.coindesk.com/brazils-central-bank-plans-blockchain-data-exchange-for-regulators/