Banco Central do Brasil (BCB) launched the second phase of the central bank’s digital currency (CBDC) pilot project, which will focus on creating a trade finance solution using blockchain oracles.
Officials from Brazil’s central bank announced the launch of the second phase of the Drex (CBDC) pilot project, which will focus on automating supply chain management and improving trade finance processes. Chainlink, Microsoft, Banco Inter and 7Comm will be technical partners in the project.
The second phase of the pilot will involve tokenizing the electronic bill of lading (eBoL) on the blockchain network, and using supply chain data to initiate payments to exporters throughout the delivery process. The solution will demonstrate how blockchain-based trade finance can enable the settlement of delivery versus payment (DvP) and payment versus payment (PvP) schemes.
In Phase 2, the roles of the partners will be as follows:
- Chainlink will act as the carrier of the Cross-Cellular Interconnection Protocol (CCIP);
- Microsoft will provide access to the cloud infrastructure;
- 7Comm will provide the technical implementation of the blockchain solutions;
- Banco Inter will act as a payment provider to process cross-border transactions using Drex.
In general, the pilot project aims to automate the settlement of agricultural commodity transactions carried out by participants from different countries, on different platforms and using different currencies. The main goal is to increase the level of efficiency, security and transparency in international trade of agricultural commodities and global agricultural supply chains.
A month ago, the Head of the Central Bank of Brazil noted that the CBDC pilot project will have a multi-dimensional structure designed to address the three main problems of TradFi — low decentralization, privacy and programmability. He also announced plans to test the use of elements of decentralized finance (DeFi) in the Drex pilot.
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