Brazil's blockchain data tool cost USD 250K

Monday 13 April 2020 09:49 CET | News

Brazilian financial regulators’ new PIER data-sharing blockchain has cost about USD 250,000 to build and it runs on the Quorum blockchain.

PIER, launched in early April 2020, has been developed by Banco Central do Brasil (BCB) beginning with 2017. The tool is a unified data clearinghouse for BCB, the securities regulator (CVM), the private insurance regulator, (SUSEP), and eventually the social security superintendency (PRIVEC), replacing Brazil’s paper-based record sharing procedure with a fully digitised bureaucratic trove.

Tasks like business authorisation now ‘can take even seconds’, since data is available online. PIER also makes that data more reliable by pulling it from the source. It runs on JP Morgan’s open source Quorum blockchain, an Ethereum-based platform that BCB said is overlaid on a private IT infrastructure.

BNamericas reported that PIER also utilises Microsoft Azure cloud computing.

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Keywords: cloud computing, blockchain, Quorum, banking, invoicing, data registry, Brazil, PIER, data sharing
Categories: Banking & Fintech | E-invoicing, SCF & E-procurement
Countries: Brazil
This article is part of category

Banking & Fintech