Blockchain shares a new PIER of Brazilian financial regulator worth around $ 250,000 to build and run on the Quorum blockchain.
Banco Central do Brasil (BCB) began to develop PIER in 2017 and launched in early April. The total cost of the bank is R $ 1,300,000, roughly equivalent to $ 252,700 USD, Press Officer Ivone Portes told CoinDesk.
But BCB believes that PIER will produce results. PIER is an integrated data clearinghouse for BCB, securities regulators (CVM), private insurance regulators, (SUSEP) and finally social security watchdogs (PRIVEC), replacing Brazil’s paper-based notes distribution procedure with fully digital bureaucratic paper.
Tasks such as business authorization “which take hours or days” under the old process “can now take even a few seconds, because data is available online,” Portes said in an email.
PIER also makes the data more reliable by pulling it from its source, Portes said. It runs on JP Morgan’s open source, Quorum blockchain, an Ethereum-based platform that BCB says overlays on “personal IT infrastructure.” Bnamerika reported that PIER also uses Microsoft Azure cloud computing.
Blockchain gives each regulator easy access to the records of its sibling institutions. That will help them process information – from examining politically appointed people, conducting financial investigations, to authorizing companies – more quickly and inexpensively.
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