Brazil's Central Bank Is Ramping Up Blockchain R&D

Brazil's Central Bank Is Ramping Up Blockchain R&D

Chamber Articles Category: Economic News Post Date: 11/14/17 Source: Coindesk By: Michael del Castillo
Article Content

The Central Bank of Brazil is building with just about every blockchain it can get its hands on.

In a new interview about its plans for the nascent technology, members of the central bank's blockchain team revealed they are resuming work with R3's Corda distributed ledger platform, months after ceasing development because the technology was deemed too "immature."

After the enterprise blockchain consortium launched version 1.0 of Corda in October, the central bank said it's ready to see if the newest version has what it takes to back up aspects of the country's financial infrastructure.

And with that, Banco Central do Brasil is now developing proofs-of-concept (PoCs) on four different platforms, trialing ethereum, JPMorgan's Quorum and Hyperledger Fabric alongside its Corda work.

The PoCs broadly focus on using blockchain to both back-up the central bank's current real-time gross settlement system (RTGS), called the Brazilian Payment System, as well as better align the organization with the growing momentum for central banks to innovate using blockchain technology. Read Full Article