The Central Bank of Brazil has entered phase two of its CBDC project, DREX, focusing on trade finance as a key application. Collaborating with Chainlink, Banco Inter, Microsoft, and 7COMm, the initiative utilizes blockchain and Oracle networks to automate supply chain processes.
Chainlink’s Cross-Chain Interoperability Protocol (CCIP) will enable interoperable transactions with foreign central banks, ensuring efficient cross-border and cross-currency settlements. The project involves tokenizing an Electronic Bill of Lading on-chain to trigger payments to exporters using supply chain data.
DREX aims to demonstrate the benefits of blockchain in trade finance, particularly for agricultural commodities, including enhanced delivery versus payment (DvP) and payment versus payment (PvP) processes.
Microsoft provides cloud services, while 7COMm offers technical support and infrastructure development for this phase begins soon. Chainlink’s technology continues to gain adoption in asset tokenization, with partners like Swift, Fidelity International, ANZ, and UBS.
Image Credit: Pixabay
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