The central bank of Brazil considers the settlement of blockchain prototype
blockchain·@gkumar·
0.000 HBDThe central bank of Brazil considers the settlement of blockchain prototype
<html> <p><img src="http://www.aboutbrasil.com/modules/images/990.jpg" width="869" height="485"/></p> <p><br></p> <p>The central bank of Brazil has just released latest research paper that explain the use cases possibly for blockchain and ledgers distributed while outlining, how various platform available could be used to test the technology.</p> <p>Hence, the result of group study initiated by Banco central do Brasil but published 28 Aug, where report looks at use cases for DLT including identity, local currency and settlement even though later was ultimately recommended for prototyping.</p> <p>Wehreas, the designing objective is not for platform as primary settlement for the central bank. But to develop a minimal backup system for funds transfer in event of complete main meltdown.</p> <p>Furthermore, the report states:</p> <p>"In the case of failure of catastrophic, Member of RTGS would be unable to send/recieve funds to/from each other. In this context, alternative system for transaction settlement which is a system that is conceptual for a contingent solution that would be able to immediately replace core functionalities of main Brazilian RTGS in case of its collapse. </p> <p>Moreover, the estimation was given by the authors that the design of this system includes a permissioned blockchain network in which finanacial institution and the bank of central itself are the nodes of validating.</p> <p>It concludes that, although privacy is a issue of potential , DLT" could make possible to develeop a unique shared view of a large variety of information fed and replicated across institutions.</p> <p>Due to this, the other global central banks represent the commissioned studies with paper in line.</p> <p>For example - England's bank, and the monetary authority of Singapore have examined that how blockchain could be applied to settlement, even though the central bank UK has perhaps gone the farthest to date,</p> <p><br></p> </html>