Brazil advances CBDC technology with new cross-chain pilot using Chainlink’s CCIP
The Central Bank of Brazil (BCB) is advancing its central bank digital currency (CBDC) initiative by partnering with Banco Inter, Microsoft Brazil, 7COMm, and Chainlink. This collaboration supports trade finance solutions in the second phase of Brazil’s DREX pilot program, focusing on automating cross-border settlements for commodity transactions using blockchain technology and oracles. Chainlink’s Cross-Chain Interoperability Protocol (CCIP) will facilitate interactions between Brazil’s DREX platform and foreign central banks. The initiative will tokenize an Electronic Bill of Lading (eBOL) and integrate supply chain data to automate payments, enhancing efficiency, security, and transparency in the global supply chain. Banco Inter leads the DREX implementation, while Microsoft Brazil and 7COMm provide cloud services and technical support. The pilot aims to expand market access and strengthen Brazil’s economy, showcasing how tokenized assets can unlock new CBDC applications.
