{"id":100017,"date":"2024-11-19T19:26:08","date_gmt":"2024-11-19T23:26:08","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=100017"},"modified":"2024-11-19T19:27:32","modified_gmt":"2024-11-19T23:27:32","slug":"chainlink-others-partner-for-brazils-cbdc-pilot","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/chainlink-others-partner-for-brazils-cbdc-pilot\/","title":{"rendered":"Chainlink, Microsoft, Others Partner for Brazil\u2019s CBDC Pilot"},"content":{"rendered":"\n

Brazil's central bank, Banco Central do Brasil <\/a>(BCB), has initiated phase two of its Drex central bank digital currency (CBDC) pilot, leveraging Chainlink\u2019s CCIP and Microsoft\u2019s cloud infrastructure.<\/p>\n\n\n\n

\"Chainlink,
Chainlink, Microsoft, Others Partner for Brazil\u2019s CBDC Pilot<\/figcaption><\/figure>\n\n\n\n

Phase two aims to develop a trade finance solution that employs blockchain technology and oracles. Microsoft, Chainlink, Banco Inter, and 7Comm collaborate on the initiative to investigate automated trade settlements.<\/p>\n\n\n\n

Chainlink, a decentralized oracle provider, will offer its Cross-Chain Interoperability Protocol<\/a> (CCIP) to facilitate secure cross-platform transactions and to develop a blockchain-based mechanism based on delivery-versus-payment (DvP) to enhance transparency and efficiency.<\/p>\n\n\n\n

The pilot aims to resolve inefficiencies in trade finance and promote financial innovation by integrating blockchain technology and CBDCs into Brazil's economy.<\/p>\n\n\n\n

International Border Trade<\/h2>\n\n\n\n

The second segment of the Drex pilot program will employ blockchain technology to resolve inefficiencies in global trade finance. The initiative will incorporate blockchain mechanisms such as DvP, payment-versus-payment (PvP), and electronic bills of lading (eBOL) tokenization.<\/p>\n\n\n\n

While DvP involves asset transfers only after payment confirmation, PvP involves the contemporaneous settlement of payments in various currencies.<\/p>\n\n\n\n

This testing aims to optimize compatibility across platforms and currencies and automate supply chain payments.<\/p>\n\n\n\n

CBDC Collaboration <\/h2>\n\n\n\n

Banco Inter, a digital bank in Brazil, will be responsible for implementing the Drex platform in the country. The bank sees this initiative as a chance to enhance the economy and broaden market access.<\/p>\n\n\n\n

In a news release, Bruno Grossi, Banco Inter's head of emerging technologies, stated that the company regards phase two as “an exciting moment for Brazil.”<\/p>\n\n\n\n

\n

\u201cWe see collaborating in this project with technology leaders like Microsoft and Chainlink Labs as a transformative opportunity to expand market reach and improve the health of the Brazilian market.\u201d<\/p>\n<\/blockquote>\n\n\n\n

Microsoft will provide the cloud infrastructure necessary to support the project's technical requirements, while 7Comm will provide the technical expertise in blockchain integration.<\/p>\n\n\n\n

DeFi Pilot Integration<\/h2>\n\n\n\n

The pilot emphasizes the integration of tokenization into the banking sector's balance accounts to resolve the “trilemma” of privacy, programmability, and decentralization.<\/p>\n\n\n\n

The second phase of Brazil's Drex pilot program will continue until 2025 to investigate digital asset transactions, such as liquidity pools for government bonds and international commerce.<\/p>\n\n\n\n

After announcing a partnership with the Brazilian Mercado Bitcoin exchange\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a>, companies such as Ripple are expanding cross-border crypto payment options in the country in addition to government initiatives.<\/p>\n\n\n\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

Brazil’s central bank, Banco Central do Brasil (BCB), has initiated phase two of its Drex central bank digital currency (CBDC) pilot, leveraging Chainlink\u2019s CCIP and Microsoft\u2019s cloud infrastructure. Phase two aims to develop a trade finance solution that employs blockchain technology and oracles. Microsoft, Chainlink, Banco Inter, and 7Comm collaborate on the initiative to investigate […]<\/p>\n","protected":false},"author":12,"featured_media":71260,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4161],"tags":[1461,14603,852,2227],"class_list":["post-100017","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cbdc","tag-brazil","tag-cbdc-pilot","tag-chainlink","tag-microsoft"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2024\/02\/croc_1707807291620.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/100017","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=100017"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/100017\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/71260"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=100017"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=100017"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=100017"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}