3 hours ago
The Central Bank of Brazil (BCB) is advancing its cardinal slope integer currency (CBDC) model inaugural by collaborating with Banco Inter, Microsoft Brazil, 7COMm, and Chainlink, according to a Nov. 19 statement.
The concern aims to enactment commercialized concern solutions successful the 2nd signifier of Brazil’s DREX aviator program. This signifier volition absorption connected automating cross-border settlements for commodity transactions utilizing blockchain exertion and oracles.
Chainlink’s role
The trial leverages Chainlink’s Cross-Chain Interoperability Protocol (CCIP) to alteration seamless interactions betwixt Brazil’s DREX level and overseas cardinal banks.
The inaugural volition tokenize an Electronic Bill of Lading (eBOL) and integrate proviso concatenation information to automate payments. This data-driven attack volition guarantee that exporters are paid astatine assorted stages of the shipping process.
The aviator intends to showcase however blockchain-based commercialized concern enables Delivery versus Payment (DvP) and Payment versus Payment (PvP). These mechanisms purpose to amended efficiency, security, and transparency successful the planetary proviso chain, peculiarly cultivation commodities.
Banco Inter is starring the implementation of the DREX level successful Brazil, portion Microsoft Brazil and 7COMm volition supply unreality services and method support. Chainlink’s CCIP infrastructure volition facilitate cross-chain transfers for DREX and different CBDCs.
Improving marketplace access
Bruno Grossi, caput of emerging technologies astatine Banco Inter, highlighted the project’s imaginable to grow marketplace entree and fortify Brazil’s economical landscape.
Similarly, Microsoft Brazil said its relation successful DREX is to broaden entree to intelligent fiscal services and play a cardinal relation successful the improvement of the nation’s economy.
Meanwhile, Angela Walker, the Global Head of Banking and Capital Markets astatine Chainlink Labs noted that the aviator would alteration commercialized concern by showcasing however tokenized assets tin unlock caller CBDC applications successful Brazil.
She added:
“Chainlink CCIP is indispensable to enabling unafraid cross-border, cross-currency, and cross-chain transactions and volition assistance showcase what tokenized assets tin bash astatine standard for this cardinal CBDC usage lawsuit in Brazil.”
The station Brazil advances CBDC exertion with caller cross-chain aviator utilizing Chainlink’s CCIP appeared archetypal connected CryptoSlate.
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