The Central Bank of Brazil is going to use the blockchain in its settlement system
The Brazilian central bank has published a new study describing the possible uses of blockchain and distributed ledgers. In addition, the bank provides information on how existing platforms can be used to test the technology. Writes about this CoinDesk.
According to a study by a group led by Banco Central do Brasil, the bank can use distributed ledgers in the areas of identity, currency issuance and settlement. At the current stage, it is proposed to develop a prototype to perform a number of functions..
However, we are not talking about creating a full-fledged settlement system, but about creating a “minimal” system of data duplication in the event that “the main settlement system is disabled”.
“In the event of catastrophic events, members of the online payment system will not be able to send (or receive) funds to each other, which will freeze the entire financial system. Thus, the Alternative Transaction Processing System (SALT) is a conceptual system for an associated solution that can be used to immediately transfer the basic functionality of the main Brazilian real-time payment system in the event of its complete destruction. “.
The author of the report notes that the structure of the system will represent a blockchain with limited access, in which financial authorities and the central bank will act as validation nodes..
The group believes that “the distributed ledger will help create a unique system for sharing a variety of information that will be distributed and copied by the bodies participating in the system.”.
Previously, the central banks of some other countries considered the possibility of using blockchain in their systems. The Bank of England has achieved the greatest success in this area, which announced that its new settlement system will be “compatible with a distributed ledger”.
American Express proposes to use blockchain to improve the efficiency of payment systems The issuer of plastic cards American Express is considering…
Media: DX.Exchange, which used Nasdaq technology, prepares for bankruptcy Crypto platform announced the suspension of trading earlier this month…
Ripple: Banks are unlikely to use blockchain for cross-border payments in the near future As Reuters wrote on June 13, according to the senior…