Banco Inter Conducts Blockchain Pilot for Cross-Border Trade Settlement
Banco Inter, a leading Brazilian digital bank, has completed a blockchain-based trade finance pilot involving Chainlink, the Central Bank of Brazil, and the Hong Kong Monetary Authority (HKMA). The initiative demonstrates how distributed ledger technology can simplify international trade settlements.
Pilot Overview
The pilot formed part of Phase 2 of Brazils Drex central bank digital currency (CBDC) project. The experiment simulated export settlements between Brazils Drex network and the Ensemble platform, a blockchain infrastructure developed under the HKMAs Project Ensemble. Chainlink provided the interoperability technology linking both networks.
According to Banco Inter, the system supports tokenized payments and automates title transfers through smart contracts. This approach lowers costs, reduces counterparty risk, and may expand global market access for small and mid-sized businesses. Standard Chartered also participated in the pilot.
Addressing Trade Finance Complexity
Trade finance remains one of the more intricate aspects of global commerce due to its complex credit and payment arrangements. The pilot showcased the potential for blockchain platforms to automate and coordinate the movement of goods, payments, and title transfers, increasing efficiency and transparency.
Drex CBDC Project and Digital Payments in Brazil
The Central Bank of Brazil has accelerated its digital currency pilot, aiming to build a digital real with programmability, privacy, and decentralization features. Although Drex is widely referred to as a CBDC, Central Bank President Gabriel Galpolo described the system as an infrastructure project. Its main objectives are to increase access to credit and further modernize the national financial system.
This pilot comes as digital payment use in Brazil rises and stablecoin adoption continues to grow. Central Bank data presented in February highlighted that a significant portion of crypto transactions in Brazil now involve stablecoins.
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