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Brazil’s Central Bank Leverages Chainlink for its CBDC Project

Twitter icon  •  Published 4 days ago  •  Hassan Maishera

The Central Bank of Brazil (BCB) had selected Banco Inter alongside Microsoft Brazil, 7COMm, and Chainlink to build a trade finance solution as part of the second phase of Brazil's DREX, Brazilian digital currency's pilot.

On Tuesday, Chainlink announced via X that the Central Bank of Brazil (BCB) had selected Banco Inter alongside Microsoft Brazil, 7COMm, and Chainlink to build a trade finance solution as part of the second phase of Brazil's DREX, Brazilian digital currency's pilot.

The solution leverages blockchain technology and oracles to automate supply chain management and improve trade finance processes. Chainlink's Cross-Chain Interoperability Protocol (CCIP) will enable interoperability between the Drex of Brazil Central Bank and a foreign central bank, ensuring that transactions are compatible and settled efficiently.

The solution will demonstrate how blockchain-based trade finance unlocks Delivery versus Payment (DvP) and Payment versus Payment (PvP), ensuring greater efficiency in the global supply chain, as well as security and transparency around the international trade of agricultural commodities.

Chainlink Network (LINK) aims to provide tamper-proof data inputs and outputs for smart contracts on any blockchain. LINK is down 3% over the past 24 hours, trading at $14.55.

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Author

Hassan Maishera

Hassan is a Nigeria-based financial content creator that has invested in many different blockchain projects, including Bitcoin, Ether, Stellar Lumens, Cardano, VeChain and Solana. He currently works as a financial markets and cryptocurrency writer and has contributed to a large number of the leading FX, stock and cryptocurrency blogs in the world.