Chainlink helping Brazil with phase II CBDC
Brazil is moving their CBDC forward with Chainlink, Microsoft, Banco Inter, and 7COMm are collaborating on Brazil's DREX CBDC pilot to enhance trade finance with blockchain technology.
What is Brazil doing?
On Nov. 19th the Brazilian Central Bank announced a new phase of their DREX central bank digital currency (CBDC) pilot project. This is their digital REAL!
Who is included in this joint venture?
7CoMm, Banco Inter, Chainlink, Microsoft for CBDC Phase II
Main Goal of this collaboration?
This digital currency pilot will be to test cross-border agricultural transactions via DREX central bank digital currency (CBDC). The solution involves tokenizing an electronic bill of lading (eBoL) onchain and using supply chain data to trigger payments to exporters throughout the shipping process. With the tokenized assets like the eBoL will drive automation, improving supply chain transparency and transaction efficiency.
Banco Highlights
They will lead implementation efforts on the DREX platform
Chainlink Highlights
The star of course is their Cross-Chain Interoperability Protocol (CCIP) will help facilitate interoperability between Brazil’s DREX and foreign central bank digital currencies. Chainlink has already enabled over $16 Trillion in transaction value thru their oracle network. Additionally, Chainlink won Brazils trust from their work across the globe, some examples include Australia and New Zealand Banking Group, SWIFT.
Microsoft Highlights
Microsoft will be providing Azure Cloud services as well as other technology services to help advance technology adoption across all of Brazil.
7CoMm Highlights
They will support the technical implementation delivery for this project.
Summary
Chainlink has already proven over and over they are the leading market oracle. Chainlink’s CCIP to connect Drex’s blockchain with global financial systems. And undoubtably much broader scope and more success for Chainlink!
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