Brazil Pier blockchain data tool has been launched by the country’s central bank amid the Coronavirus pandemic. As per the official statement, Banco Central do Brasil (BCB) has spent around $250,000 on this Quorum blockchain-based data sharing solution. The tool allows various agencies to safely access data from other associated concerns. the tool will identify and process data information for various banking operations.
The Brazilian central bank has been working on a blockchain solution to power its various financial and monetary oversight operations. The tool has been in development for over two years now and finally launched amid the Coronavirus crisis. Hopefully, the tool will help tide over any technical challenges that may affect the country’s economic channels in these tough times.
Brazil Pier blockchain to help speed up archaic banking operations
The cost of Brazil Pier blockchain solution will certainly pay off in the long run. BCB remains confident that the tool will serve its various purposes well. Firstly, it will perform the function of an integrated data clearinghouse that will help the bank centralize the operations with transparency. Secondly, it will serve other vital government agencies, including securities regulators, insurance regulators, and social security agencies.
The tool has been designed to replace the country’s age-old reliance on paper-based processes. Brazil Pier blockchain solution will help digitize the record-sharing processes and completely transform the old bureaucratic operations. For example, authorizations that earlier took many weeks can now be completed within a few minutes. Bureaucratic hurdles can be overcome more swiftly to increase the speed of financial processes.
Brazil Pier blockchain solution will enhance transparency by extracting data right from the source itself. The Quorum blockchain platform built by JP Morgan is the basis of Pier. The Ethereum blockchain underpinnings of Brazil Pier blockchain ensure that the platform has massive interoperability. Reportedly, Microsoft Azure cloud computing features are also used in the Pier.