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The Brazilian Stock Exchange Plans to Integrate Blockchain Oracles

By Tyler S - Wallet Specialist

Crypto

The Brazilian Stock Exchange (B3) has its eyes set on installing some of the latest blockchain technology into its network. According to a B3 spokesperson, the company is already researching and navigating the best methods in order to integrate the technology and "participate in this ecosystem." 

B3 is known for being one of few exchanges globally selling Bitcoin (BTC) exchange-traded funds (ETF). Currently, the exchange that allows customers to invest in cryptocurrency ETFs is searching for new ways to supply data inputs to support Brazil's central bank digital currency (CBDC). A CBDC is a nation's digital currency that the country's central banks regulate, hence central bank digital currency. A CBDC can be considered as a crypto-to-fiat coin, similar to that of a stablecoin, as it is a digital asset pegged to the value price of a fiat currency.

Luis Kondic, the managing director of listed goods and data for B3, has stated that the stock exchange is considering going down the path of blockchain oracles and utilising them to connect external data for the future CBDC. For some insight into blockchain oracles, they are entities that help create a bridge for blockchain networks and connect them to external systems.

Oracles enable any smart contracts and protocols to help with the execution; however, this is based on the real-world inputs and outputs. According to Cointelegraph, the CEO of the exchange discussed the plan for bringing in oracles during a CBDC online meeting. Within the meeting, he added that the company is indeed looking into the new technology and even strongly suggested that oracles may be the way forward to create a programmable cash payment gateway.

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