Banco Central do Brasil (BCB) and the Hong Kong Monetary Authority (HKMA) took part in testing cross-border blockchain settlements for trade finance.
Banco Inter, a Brazilian digital bank, showcased the potential of distributed ledger technology (DLT) to streamline cross-border payments. The experiment involved the wholesale version of Hong Kong’s central bank digital currency (wCBDC), developed under Project Ensemble, and Brazil’s central bank digital currency, Drex.
The test included automated settlements for export transactions between the Drex and Ensemble networks. It allowed for testing programmable “delivery versus payment” (DvP) and cross-border “payment versus payment” (PvP) transactions, enabling conditional and installment payments. A commodity-backed token was also issued during the experiment, providing participants with instant liquidity and reducing settlement risks.
Chainlink technologies were used to simulate export operations between Brazil and Hong Kong and to connect the two DLT networks. The Chainlink Runtime Environment (CRE) handled the routing of ISO 20022 payment messages and the automated transfer of electronic bills of lading (eBL) via the Global Shipping Business Network (GSBN) API. The Chainlink Cross-Chain Interoperability Protocol (CCIP) ensured synchronization of contract execution and credit events across DLT networks. As a result, Chainlink technologies enabled the integration of payment and trade platforms in both jurisdictions, allowing for secure, programmable, real-time settlements.
According to Bruno Grossi, Head of Digital Assets at Banco Inter, the project demonstrated how innovation can foster interconnected financial infrastructure and expand small businesses’ access to global markets. He added that the company will continue experimenting with DLT systems to enhance transparency, speed, and inclusivity in international trade infrastructure.
Blockchain technologies became an integral part of the corporate world, major companies are adopting DLT solutions into their products, services, and infrastructure. Read more about blockchain integration in business products in an op-ed by Arturas Svirskis, Co-Founder of Cryptexus.
