Brazilian financial regulator launches information sharing blockchain platform PIER

Brazil’s financial regulator launches PIER, an information-sharing blockchain platform. The country’s three major financial institutions include the Insurance Oversight Agency (SUSEP), the Brazilian Central Bank (BCB), and the Securities Regulatory Agency (CVM). And will provide government data for the blockchain, and the Brazilian social security department also plans to join the platform. The Central Bank of Brazil said that the PIER blockchain platform allows officials of various systems to access real-time records of other systems, including financial performance, in a matter of seconds, building a bridge to previously isolated data systems. At the same time, the system can be used for background checks on official appointments. Marcelo Barbosa, president of CVM in Brazil, said, “Given that new technology scenarios are more effective, secure, and fully supervised and implemented, the system can promote market returns.”