Called PIER, the platform integrates all blockchain-based data-sharing platforms to one, for verification and authenticity of political representatives and corporations. The Brazilian government is also considering integrating data from the judiciary, trade boards and international financial bodies into the system.
PIER is set to make background checks easier as it reduces the time required to validate the financial data of these individuals. The swift access to financial data will also make obtaining information on financial performance, legal entities and other related information, a lot less strenuous. Different departments will also find it easier to streamline data.
In February, the BCB announced a new instant payment platform to challenge cryptocurrencies.