The post Chainlink, Microsoft Join Forces on Tokenization in Brazil’s CBDC Project appeared on BitcoinEthereumNews.com.

Chainlink Labs, a blockchain oracle service provider, has joined forces with Microsoft Brazil and other industry players to work on the second phase of Brazil’s central bank digital currency (CBDC) initiative, DREX.  Collaborative Efforts for Advanced Trade Finance The pilot aims to leverage blockchain technology to address key challenges in decentralization, privacy, and programmability while integrating tokenization into the banking sector. The collaboration includes Microsoft Brazil, Banco Inter, and blockchain firm 7COMm to create a trade finance solution as part of DREX’s pilot. Chainlink will utilize its Cross-Chain Interoperability Protocol (CCIP) to facilitate secure, cross-border, cross-currency, and cross-chain transactions.  Angela Walker, Global Head of Banking and Capital Markets at Chainlink Labs, stated:   “Chainlink CCIP is essential to enabling secure cross-border, cross-currency, and cross-chain transactions and will help showcase what tokenized assets can do at scale for this key CBDC use case in Brazil.” Tokenization and Digital Asset Innovation A critical aspect of the second phase of the pilot includes the tokenization of an Electronic Bill of Lading (eBoL). This blockchain-based solution will automate payments for exporters by using on-chain supply chain data. Additionally, the initiative aims to unlock new efficiencies in the global supply chain through Delivery versus Payment (DvP) and Payment versus Payment (PvP) mechanisms, ensuring transparency and security in international agricultural commodity trade. Strategic Role of Banco Inter and Microsoft Banco Inter, a digital bank in Brazil, will oversee the implementation of the DREX platform in the country, viewing the initiative as a significant opportunity to enhance market access and economic resilience.  Bruno Grossi, Head of Emerging Technologies at Banco Inter, remarked:   “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.” Meanwhile, Microsoft is contributing its cloud…

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Filed under: News - @ November 20, 2024 10:26 pm