KEY TAKEAWAYS
- Chainlink, Microsoft, and Banco Inter aim to enhance Drex’s trade finance capabilities using blockchain interoperability.
- The initiative demonstrates using Chainlink’s CCIP to connect Drex’s blockchain with global financial systems.
- Tokenized assets like the eBoL will drive automation, improving supply chain transparency and transaction efficiency.
On Tuesday, Chainlink partnered with Microsoft and 7COMm to create a trade finance solution for the second phase of Drex, Brazil’s central bank digital currency (CBDC).
This collaboration includes Brazilian companies like Banco Inter, one of the country’s top digital banks, which contributed to the first phase of Drex by tokenizing public debt securities.
Chainlink uses its blockchain oracles to automate supply chain management and improve trade financing within the Drex ecosystem.
The initiative integrates Chainlink’s Cross-Chain Interoperability Protocol (CCIP) to connect Drex with a foreign central bank, ensuring efficient and compatible transaction settlements.
As part of this initiative, Chainlink’s CCIP will enable interoperability between the Brazilian Central Bank’s Drex and a foreign central bank, ensuring that transactions are compatible and settled efficiently.
Drex Use Cases – What’s It Good For?
The consortium, featuring Banco Inter, Microsoft, and Chainlink, focuses on automatic transaction settlement for cross-border agricultural commodity trade.
Chainlink’s CCIP enables Drex’s blockchain to interoperate seamlessly with external central bank infrastructures, ensuring frictionless settlements.
Chainlink facilitates this process by tokenizing the Electronic Bill of Lading (eBoL) and utilizing supply chain data to trigger payments during the export process.
This system also unlocks Delivery versus Payment (DvP) and Payment versus Payment (PvP) mechanisms while ensuring interoperability between Chainlink’s blockchain and Hyperledger Besu, the platform used for Drex testing.
Chainlink CCIP – The Future of dApps?
Chainlink’s CCIP allows seamless token and data transfers between blockchain networks, offering a unified interface for decentralized applications (dApps).
This feature enhances blockchain adoption and integration with existing backend systems while increasing market liquidity and access.
For Drex, CCIP connects Hyperledger Besu with other EVM and non-EVM networks, driving interoperability and expanding the ecosystem.
Banco Inter leads the implementation of the solution on Drex’s platform, aiming to transform Brazil’s financial market.
Bruno Grossi, Head of Emerging Technologies at Banco Inter, sees the project as a milestone that strengthens the market and expands its reach through collaboration with Microsoft and Chainlink Labs.
We see collaborating in this project with technology leaders like Microsoft and Chainlink Labs as a transformative opportunity to expand market reach and improve the health of the Brazilian market.
– Bruno Grossi
Drex’s Leadership and Vision Could Evolve the Industry
Microsoft provides cloud infrastructure to support Drex’s development and expand access to intelligent financial services.
João Aragão, Microsoft’s Financial Services Innovation Specialist, emphasized the company’s commitment to driving economic growth through Drex.
7COMm contributes technical expertise to implement practical and transformative blockchain solutions. Sergio Yamani, 7COMm’s Director of Innovation, highlighted the transformative potential of CBDCs and blockchain interoperability.
By integrating CCIP, the project establishes a new standard for global transactions while promoting transparency, security, and accessibility.
This initiative positions Brazil as a global leader in blockchain innovation. This showcases how technology can transform trade finance and strengthen the economy.
The advent of CBDCs, the development of blockchain interoperability protocols such as CCIP, and the use of CBDCs for cross-border payments enable a new generation of blockchain trade finance solutions.
– Bruno Grossi
References
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Cassio Gusson is a journalist passionate about technology, cryptocurrencies, and the nuances of human nature. With a career spanning roles as Senior Crypto Journalist at CriptoFacil and Head of News at CoinTelegraph, he offers exclusive insights on South America’s crypto landscape. A graduate in Communication from Faccamp and a post-graduate in Globalization and Culture from FESPSP, Cassio explores the intersection of governance, decentralization, and the evolution of global systems.
View all articles by Cassio Gusson
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