The Central Bank of Brazil [BCB] and other regulators of the Brazilian Financial System [SFN] have actually chosen to use the blockchain based innovation platform– Information Combination Platform for Regulators [PIER] It will be utilized to assist in the exchange of details in between the nation’s financial regulators.Pier was developed by the BCB’s IT Department [Deinf], and will be operational at the end of 2018. Aristides Cavalcante, deputy head of Deinf, said:”Currently there is some exchange of details regarding permission procedures, which are not automated yet: staff from among the organizations contact the others by letters or emails. Even the few queries that are automated by software still require some degree of human intervention.”
The blockchain-based technology was selected because it permits a horizontal network of details sharing. Cavalcante describes:”Standard organisation designs of info exchange between numerous entities need a centralizing entity, which winds up exercising a particular degree of functional hierarchical supremacy. As the blockchain platform records every data request utilizing cryptographic signatures, it is possible to certify at any moment the authorship, and that no entity has actually tampered with the data, and therefore guaranteeing details authenticity.”
The data being immutable makes it helpful for purposes of openness or responsibility. Executing blockchain has the advantage of “information on need”. Each organization will determine which details, and its format, will be readily available within the network.The BCB’s strategy is,
“(the BCB) anticipates that institutions will enable access to information relative to administrative sanctioning processes, but any participant may approve access to any info thought about to be of mutual interest anytime.” Cavalcante summarizes:”
Together the automation of data searching and the assurance of both credibility and origin of the information will yield efficiency. With Pier, any individual will have the ability to obtain information practically immediately, and the platform will reduce mistake occurrence by eliminating manual procedures of data retrieval and sharing. Agility gains and less errors are expected to lower costs.”La entrada NEWS Brazil’s Central Bank to use blockchain based platform PIER se publicó primero en ELEVENEWS.