Chainlink, Microsoft, Banco Inter collaborate on Brazil’s CBDC pilot
The Drex phase two pilot leverages Chainlink’s CCIP and Microsoft’s cloud infrastructure to innovate trade finance automation.
Banco Central do Brasil (BCB), Brazil’s central bank, has launched phase two of its Drex central bank digital currency (CBDC) pilot, targeting improvements in cross-border agricultural commodity transactions and supply chain processes.
Phase two focuses on building a trade finance solution using oracles and blockchain technology. The initiative brings together Microsoft, Chainlink, Banco Inter and 7Comm to explore automated trade settlements.
Chainlink, a decentralized oracle provider, will provide its Cross-Chain Interoperability Protocol (CCIP) to facilitate secure cross-platform transactions and enable a delivery-versus-payment (DvP) blockchain-based mechanism to improve transparency and efficiency.
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Author: Josh O'Sullivan
