Brazilian financial regulators’ new PIER data-sharing blockchain cost about $250,000 to build and it runs on the Quorum blockchain.

Banco Central do Brasil (BCB) began developing PIER in 2017 and launched it in early April. In total it cost the bank R$1,300,000, roughly equivalent to $252,700 USD, Press Officer Ivone Portes told CoinDesk.

But BCB is confident that PIER will pay off. PIER is a unified data clearinghouse for BCB, the securities regulator (CVM), the private insurance regulator, (SUSEP) and eventually the social security superintendency (PRIVEC), replacing Brazil’s paper-based record sharing procedure with a fully digitized bureaucratic trove. 

Related: Brazilian Financial Regulators Will Vet Companies and Political Appointees on a Blockchain

Tasks like business authorization “that took many hours or days” under the old process

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