Brazilian digital bank Banco Inter has completed a blockchain-based international trade financing pilot with Chainlink, the Central Bank of Brazil, and the Hong Kong Monetary Authority (HKMA), demonstrating how distributed ledger technology can simplify cross-border settlements.
The experiment was conducted in the second phase of Brazil's Drex central bank digital currency (CBDC) project, simulating export transaction settlements between the Brazilian Drex network and Hong Kong's Ensemble platform. Ensemble is a blockchain system developed under the Hong Kong Monetary Authority's Project Ensemble initiative.
According to Banco Inter, Chainlink provided the interoperability infrastructure to connect the two networks.
Banco Inter had previously collaborated with Chainlink, including in the early pilot of Brazil's Drex digital currency project in its second phase.
According to a translated version of the announcement, Banco Inter stated: "By supporting tokenized payments and automating ownership transfers through smart contracts, the platform reduces costs, minimizes risks, and opens up international market opportunities for small and medium-sized enterprises."
Trade financing is a credit and payment arrangement system that enables importers and exporters to conduct international business, and it remains one of the more complex areas in global commerce. The pilot indicates that such processes can be automated through blockchain technology to synchronize the flow of goods, payments, and ownership transfers.
Financial institution Standard Chartered also participated in the pilot.
The Central Bank of Brazil has accelerated its digital currency pilot over the past year, focusing on developing a synthetic digital real that combines programmability, privacy, and decentralization.
This initiative was launched against the backdrop of Brazil's rapid shift towards digital payments and the growing adoption of stablecoins. Central Bank President Gabriel Galípolo stated in a meeting in February that approximately 90% of cryptocurrency transactions in the country involve stablecoins.
Although Drex is commonly referred to as a central bank digital currency, Reuters reported that Galípolo described it as an infrastructure project aimed at expanding access to credit and modernizing Brazil's financial system.
Related: Standard Chartered CEO predicts the end of cash: "All currencies will be digitized."
Original article: “Brazil and Hong Kong Test Cross-Border Blockchain Trade System via Chainlink”
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