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Brazil to use Blockchain to enable Data Sharing among Financial Regulators

Finextra recently reported that Brazil’s central bank has created a permissioned digital ledger platform for facilitating the sharing of data among financial regulators. The ledger called the Information Integration Platform for Regulators (Pier) will be used by the Regulators for facilitating the exchange of information from general authorization process to the conduct of employees. In the case of mutual interests, additional information can also be shared.

Pier is developed by Banco Central de Brasil’s IT Department (Deinf). The Securities and Exchange Commissions of Brazil (CVM) will be connected with the National Pensions Funds authority (Previc) with the help of this Pier.

Aristides Cavalcante, Deputy head of Deinf, was reported saying, “Furthermore as the blockchain platform records every data request using cryptographic signatures, it is possible to certify at any moment the authorship, and that no entity has tampered with the data, and thus guaranteeing information authenticity.”