Central Bank (BC) is developing a blockchain project using Microsoft Azure’s block-as-a-service (BaaS) capabilities.
Under development since the second half of 2017 and having its initial implementation carried out in April this year, the system aims to improve the communication of the BC with actors such as the Superintendency of Private Insurance and the Securities and Exchange Commission.
Until then, validating and approving documents and requisitions required that the three local authorities use solutions such as e-mail, telephone calls or even paper crafts.
The result was a slow process, which could take days or even weeks to complete, as printing often needed to be sent and received multiple times between different cities and offices, generating a back-and-forth of physical documents.
This was the case, for example, with the approval of a new leader for a financial institution, a task that calls for deep analysis and verification of the candidate by the three bodies.
“Today, the request is recorded directly in the blockchain, as well as the responses of BC, Susep and CVM, and can be solved almost instantaneously. This is because each entity has a piece of this information and the content is shared as needed, “explains Marcelo Yared, CIO of the Central Bank of Brazil.
The Pier project is based on Quorum, a corporate version of Ethereum developed by JP Morgan, with the blockchain protocol being just one of the many Blockchain features provided by Microsoft Azure.
According to Yared, after the first phase of project implementation – which should be completed over the next few months with Susep and CVM – the idea is to make the tool available to other government agencies.
“We want to offer the public administration an instrument that can bring more agility to the state. We begin with the proposal to solve a local and immediate challenge, but the tool has a much broader potential and can bring significant improvements in public efficiency. There are no limits to these opportunities, “says the CIO.