In the framework of a project of revision of the bureaucratic system of brazil, the Banco Central do Brasil (BCB) has recently launched a platform based on the technology Blockchain, dedicated to the management and sharing of financial data .

The Blockchain to the rescue of the bureaucratic red tape in brazil

As has been done by IBM for Walmart or VISA, the brazilian central Bank has placed its trust in the Blockchain to optimize the bureaucratic management of the data of donor agencies in the country. The financial institution opts for a storage platform digital and transparent information, and this, through the use of the Blockchain Quorum which is in turn based on Ethereum.

Developed since 2017, this structure is referred to as a PIER or platform for the integration of information of regulatory entities has been deployed in order to expedite the process of access and verification data, previously made in accordance with a procedure physical.

In this case, the integration of the PIER will enable the BCB to get faster responses from the agencies, knowing that all data recorded on paper will now be stored in a register, digital, immutable, and fast.

With the support of many financial actors

By investing about $ 250,000 in this project of integration of the Blockchain in the bureaucratic organization of the bank and its partners, the BCB sees a noticeable increase in the performance of financial data management, in particular in the field of high-speed processing and secure information.

In the same perspective, other institutions of finance brazilian as the Comissao de Valores Mobiliarios (CVM) or the Private Insurance Superintendency (SUSEP) have also sought PIER in their structures.

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