Earlier this month, the Banco Central do Brasil (BC) announced the launch of a blockchain platform. The solution, called PIER (Platform for Information Integration of Regulatory Entities), allows the seamless exchange of data between regulatory authorities relating to financial institutions.
So far, the solution is in production with the Central Bank, Brazil’s Securities the Comissão de Valores Mobiliários (CVM), and the Private Insurance Superintendence (SUSEP). The National Superintendency of Complementary Welfare (PREVIC), the pension regulator, is starting tests to onboard to the platform.
The information being shared includes penalties against regulated financial institutions or their officers, registration status, financial performance, and details about regulated firms’ officers and major shareholders. In the future, it may include information from the judiciary, trade boards or international financial bodies.
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