Brazil's Central Bank Considers Blockchain Settlement Prototype

Brazilian Central Bank has released a new research paper, which provides information on possible use of blockquenos and leveraged. It shows how various available platforms can be used to test technology.

The results of a study group of Benco Central Brazil and published on 28 August, this report shows for DNL, ​​with identity, local currency and settlement - although only modernization for prototyping was recommended for it.

But the goal is not to create a primary settlement platform for the central bank, but to create a "minimum" backup system for fund transfer during the "complete head [settlement system] merda" event.

The report says:

"In the context of its catastrophic failure, RTGS members will not be able to send (or accept) funds from each other, thereby making a complete financial suspension. In this context, Transaction Settlement (SALT) alternative system) is a conceptual system for a possible solution Which will be able to replace the original functionality of the fully operational RTGS of Brasilius. "

The authors indicate that the design of this system includes the approved blockchain network, among which the financial institution and the central bank itself have validation nodes.

Although they ended up studying that confidentiality is a potential problem, DLT "could be possible to create a unique shared view of transmitting information across a wide variety of information and data."

In this way, the paper is in line with other global research commissioned by the central bank.

For example, Singapore's banks and currency authorities, for example, show how blockkain can be applied in settlement, although the central bank of the UK has probably gone far beyond the date, reporting its latest settlement will be "distributed lever compatible".