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Brazil's Central Bank Builds Blockchain Platform To Share Data Among Regulators

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The Brazilian regulatory authorities are set to use a blockchain-based technology platform developed by the IT department of the Central Bank of Brazil (BCB) for the speedy and secure exchange of information between them.

The platform called the Information Integration Platform for Regulators (Pier) will be operational at the end of 2018.

Pier will be used to strengthen supervisory information exchange between BCB and other regulators of the Brazilian Financial System (SFN) such as the Superintendence of Private Insurance, the Securities and Exchange Commission of Brazil, and the National Pension Funds Authority.

"With Pier, any participant will be able to retrieve data almost immediately, and the platform will decrease error incidence by eliminating manual processes of data retrieval and sharing. Agility gains and fewer mistakes are expected to reduce costs," said Aristides Cavalcante, Deputy Head of BCB IT.

The new blockchain-based platform will initially be used to share data related to the financial institutions' authorization procedures.
All data requests will be recorded using cryptographic signatures and cannot be deleted once recorded.

It is also possible to certify at any moment the authorship, and that no entity has tampered with the data, and thus guaranteeing information authenticity.

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