According to Cointelegraph, the Central Bank of Brazil has launched the second phase of the Drex Central Bank Digital Currency (CBDC) pilot, aimed at improving cross-border agricultural commodity trading and supply chain processes.
The second phase will utilize oracles and blockchain technology to build trade finance solutions, with participants including Microsoft, Chainlink, Banco Inter, and 7Comm, exploring automated trade settlement.
Chainlink will provide its Cross-Chain Interoperability Protocol (CCIP) to facilitate secure cross-platform transactions and implement blockchain-based Delivery versus Payment (DvP) mechanisms, improving transparency and efficiency.
This pilot will test the tokenization of electronic bills of lading (eBOL) and blockchain mechanisms such as DvP and PvP to automate supply chain payments and enhance compatibility between platforms and currencies.
Banco Inter will lead the implementation of the Drex platform in Brazil, viewing it as an opportunity to expand market access and strengthen the economy. Microsoft will provide cloud infrastructure, while 7Comm will offer blockchain integration technology support.
The pilot program is set to continue until 2025, exploring digital asset trading, including government bonds and international trade.