The IT Department of the Central Bank of Brazil Banco Central do Brasil (BCB) has announced the launch of an Information integration platform for regulators called Pier, is scheduled for the end of this year.

According to the official report, the Central Bank and other regulatory bodies the National Financial System will be used for the exchange of information, the blockchain platform developed by the Information Technology Department (Deinf).

It is expected that the Pier will facilitate the exchange of data between the BCB and by institutions such as the main Office of private insurance, the Commission on securities and exchange Commission and the Department of complementary social security.

“The business model of the traditional exchange of information between the various bodies have a hierarchical nature, and the blockchain technology will allow you to organize horizontal communication between agencies that will use the platform of the Pier,” — said the Deputy head of Deinf, Aristides Cavalcante (Aristides Cavalcante). “Because the blockchain is the platform records each request for data using cryptographic signatures, the source of the request can be determined at any time. This means that no legal entity will not be able to tamper with the data and authenticity of information is guaranteed”.

Additionally, the blockchain facilitates the provision of data on demand and each authority will have full control over the information that is transmitted and how it happens. Pier for each registered institution will be able to specify what data it will share with other members of the network, and it will simplify search of necessary information.

According to a press release, the development of this platform was conducted from August 2017. At the moment the Main Department of complementary social security has already completed the implementation of the Pier, and after this process will be performed by the Commission on securities and stock exchanges, Deinf will start testing to identify bugs and resolve technical issues.

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