Blockchain Data sharing Platform
Brazil’s Central Bank Develops Blockchain Data Sharing Platform for Financial Regulators
The ledger, called the Information Integration Platform for Regulators (Pier), will be used by regulators to exchange information on general authorization processes of financial institutions, ranging from administrative processes to the conduct of employees.
As a decentralized ledger, blockchain technology was specifically picked by the BSB for providing a ‘horizontal network of information-sharing’ that negates the need for a centralizing entity that could otherwise weld ‘operational hierarchical superiority’ over others, BCB’s IT department deputy chief Aristides Cavalcante explained.
Furthermore, blockchain’s core characteristic of immutability while ensuring that no regulator tampers with any shred of information since every data request is recorded cryptographically guarantees information authenticity, the central bank official said
It’s a significant leap in digitizing and automating communication between regulators in Brazil.
“Currently there is some exchange of information regarding authorization processes, which are not automated yet: staff from one of the institutions contact the others by letters or e-mails,” Cavalcante revealed.” Even the few queries that are automated by software still require some degree of human intervention.”
it's a great step by them
Hi @haxins, Appreciate your post. Its good to see that these initiatives coming from Central bank of Brazil, Usually banks are little reluctant taking blockchain initiatives. Good to see these king of initiative coming up.
I can relate this to Zebi in India and how they are working with goverment to migrate all the data to blockchain.
All these are positive news. Keep sharing them and big up for your post.
Block chain is a new era in itself bro. It will be implemented in maximum fields soon. It has all the advantages to be taken care of.
Bitcoin is future currency
Good stuff shared :)
The beauty of blackchain hides in its decentralization, i believe every exchange should also be decentralized since centralied exchanges getting hacked these days
A blockchain is a decentralized, distributed and public digital ledger that is used to record transactions across many computers so that the record cannot be altered retroactively without the alteration of all subsequent blocks and the collusion of the network.
yeah it is a good stuff you post here actually am not read full post but am doing just good work for you am giving you an upvote and i hope you will do same with me. thanks
Everybudy except blockchain
blockchain is the future and we have safety while using this technology . Only very few people know about blockchain . All should know about it.