THE BRAZIL’S CENTRAL BANK INCREASES THE SCOPE OF THE BLOCKCHAIN

 

The central bank of Brazil is testing projects on almost every available Blockchain.

Members of the Central bank’s blockchain team made a small report about their research. At the moment, they continue to work with the platform for distributed databases from the consortium R3 called Corda. Earlier developing was stopped for a while, because the technology was considered too “immature”.

THE BRAZILIAN CENTRAL BANK TOOK UP THE BLOCKCHAIN SERIOUSLY

After Corda release in October, the Central Bank announced to be ready for seeing if there is any opportunities to improve the financial infrastructure of the country. Thus, at the moment Banco Central do Brasil is working on a proof-of-concept (PoC) on four different platforms: Ethereum, Quorum, Hyperledger Fabric and Corda.

PoC-projects focused on using blockchain for two purposes:

  • Supporting the Central Bank System for gross settlements in real time (known as the Brazilian Payment System)
  • Effective use of increasing momentum, which will allow Central Banks to innovate using blockchain technologies.

Aristides Andrade Cavalcante Neto, deputy head of the information technology department of the central bank, said the following:

“We represent the central bank, and we love it when everything is stable. But still need to think about the changes. We have to reflect on different business models. Discussions of innovations seem to be the most difficult part of such work. “

LEAVE A REPLY

Please enter your comment!
Please enter your name here