Brazil has launched a blockchain platform that will allow its three main market regulators to share information seamlessly. The platform is known as PIER and was launched jointly by the Securities and Exchanges Commission (CVM), the private insurance superintendent (SUSEP) and the Banco Central do Brasil (BCB).

While announcing the big move, the CVM stated that the use of blockchain technology is a leap in quality for information security in Brazil. PIER will make access of information siloed by the three institutions safer, broader and more direct, an analyst with the CVM, Frederico Shu stated.

According to the announcement, Brazil’s other major regulator, the National Superintendence of Complementary Welfare (PREVIC), intends to join soon. Once it does, Brazil’s regulators will have streamlined the sharing of information between them, making it instant and secure. Processes that would take days and endless formal emails to complete, such as conducting background checks on government appointees, will soon take minutes.

Daniel Maeda, a senior officer at the CVM explained the impact that the blockchain network will have, stating, “We avoid unnecessary redundancies in information requests to common regulators, from the moment that the institutions have access to the same database. Thus, we reduce bureaucracy and speed up obtaining information. This gain is extremely relevant for the CVM, which even considered the subject as a strategic project.”

PIER will interact with several information systems from the three regulators, making it a vastly integrated database, CVM pointed out. It will source data related to punitive actions against companies such as sanctioning actions, registration status of companies, and the corporate structure of regulated companies.

Marcelo Barbosa, the president of the CVM commented, “CVM has acted on several fronts in relation to innovation in the capital market and PIER is yet another result of this effort, now in conjunction with other regulators. Our objective is that this system promotes gains to the market, given the more efficient, safe and adequate supervision and enforcement to the new technological scenario that we are experiencing.”

The Banco Central do Brasil has been in charge of the development and maintenance of the system, a process that kicked off in 2018. Over time, the watchdog intends on adding more government databases outside the financial system. These include the judiciary system and national trade boards.

The support for blockchain from Brazil’s watchdogs is a stark contrast to their treatment of digital currencies. They have fought this industry for years now, passing laws that make it near impossible for digital currency exchanges to prosper in the country. The exchanges have continued to shut down, with XDEX the latest victim.

New to Bitcoin? Check out CoinGeek’s Bitcoin for Beginners section, the ultimate resource guide to learn more about Bitcoin—as originally envisioned by Satoshi Nakamoto—and blockchain.