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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