A shared blockchain platform called 'Pier' is on the cards to be used by Brazil financial watchdogs. It would be utilized to help the institutions with an enhanced transfer of information. Banco Central de Brazil is the major stakeholder in the April launched initiative, along with SUSEP, the security authorities, CVM.  Also, PREVIC the country's top social security oversight would eventually join their ranks.

The Central Bank of Brazil (BCB) developed this blockchain network initially. The bank has been busy in developing blockchain projects since 2017  and unveiled a year later its prominent project called ' PIER'.

Ivon Portes, Brazil Central Banks' press officer <a href="https://www.bnamericas.com/en/features/spotlight-brazil-insurance-system-goes-blockchain" target="_blank" rel="noopener">stated </a>that as per the current exchange rate the PIER project cost around $252,700. However, cost not a concern as the bank is pretty certain on getting a good value in return.  PIER is built on JP Morgan's Quorum, an Ethereum based open-source network, which received praised by the central bank of Brazil for it's outstanding private IT infrastructure.
<h2>PIER Could BE Revolutionary</h2>
Marcelo Barbosa, the President of CVM, another partner of the project stated that PIER would be revolutionary and change the landscape of Brazil's markets scene and lead to profits.  He went on to add that their primary purpose is to bring gains to the market, provided the secure, and efficient new technology at their disposal, they expect a great shift in the Brazilian market towards massive gains. Another spokesperson from the bank added that PIER would reduce the time consumed in assessing requirements.

The adoption of such blockchain technology would certainly bring the South American country to the forefront of blockchain conversation and compete more with countries like China, whose probably running the blockchain show right now. Brazil is not too far behind, as its already one of those countries that have integrated blockchain on a wider scale.

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Brazil’s PIER Runs on JP Morgan's Quorum Blockchain

The developers of PIER are quite optimistice that the project would pay dividends and the brazil market will move towards massive gains.

Zain is a fervid fan of bitcoin and has been meticulously covering the field for a fair amount of time now. An aficionado of Spider man, Liverpool and Slim Shady.

Brazil’s PIER Runs on JP Morgan's Quorum Blockchain

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