The Central Bank of Brazil will use a blockchain for new instant payment system

Bancen will base its system of instant payments on the new emerging technology platform based on electronic bank transfers

Central Bank of Brazil reported earlier this month it would be responsible for building a database that replaces the current one. Thanks to the blockchain platform the payment system will be replaced by the tools TED (Electronic Bank Transfers) and DOC (Credit Order Document).

It is expected that its launch will be in November 2020, although there were not many technical details about the participants of the network or the type of blockchain that will be used. It wa known that in the past this institution was experimenting with the distributed accounting platform Corda.

The main objective is to integrate a system that allows the verification of payments in a short time, available 24 hours a day, seven days a week. For this purpose, it has been created a user identifier that eliminates the need to enter multiple identification data for each transaction. They also discussed the possibility of implementing biometric identification, fingerprints or a selfie.

Concerning the physical elements to carry out transactions, it is planned to dispense with credit cards in the new instant payment system and replace it with the QR code that can be scanned from mobile phones, according to the global trend.

It is important to mention that the president of Bancen, Roberto Campos Neto, identifies himself as a supporter of the use of new technologies in the financial sector. According to this, last April the executive declared that “blockchain technology has a high potential in the brokerage market, providing a cheap, fast, secure and transparent way to control operations.”

K.Villarroel

Source: bitfinance

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