On November 19, 2024, the Central Bank of Brazil (BCB) announced a collaboration with Banco Inter, Microsoft Brazil, 7COMm, and Chainlink to advance its central bank digital currency (CBDC) framework. This partnership is part of the second phase of Brazil's DREX pilot program, focusing on automating cross-border settlements for commodity transactions using blockchain technology.
The initiative will utilize Chainlink's Cross-Chain Interoperability Protocol (CCIP) to enhance interactions between Brazil's DREX platform and foreign central banks. The pilot aims to tokenize an Electronic Bill of Lading (eBOL) and integrate supply chain data, which will automate payments and ensure exporters receive payments at various stages of the shipping process.
This blockchain-based trade finance pilot will demonstrate mechanisms such as Delivery versus Payment (DvP) and Payment versus Payment (PvP), improving efficiency, security, and transparency in the global supply chain, particularly for agricultural commodities. Banco Inter is leading the implementation, supported by Microsoft Brazil and 7COMm for cloud services and technical support.
Bruno Grossi from Banco Inter emphasized the project's potential to expand market access and enhance Brazil's economic landscape. Angela Walker from Chainlink Labs highlighted that the pilot could transform trade finance by showcasing how tokenized assets can unlock new CBDC applications in Brazil.