BVRio becomes the first organization worldwide that adopted the Regis blockchain technology for building their decentralized registries of timber trading records
Blockchain is a distributed database that maintains a continuously-growing list of data records protected against tampering and revision. It is the technology used for the creation and trading of bitcoins, but its uses are much more diverse. Indeed, a group of international financial institutions (including JPMorgan, Accenture, Deutsche Boerse, Citigroup, BNP Paribas, and ABN AMRO Group) have invested in the development of blockchain-based clearing services, and so far Nasdaq and ASX- Australian Stock Exchange are out front in this new technology.
The Economist has described blockchain as “a programming language that allows users to write more sophisticated smart contracts, thus creating invoices that pay themselves when a shipment arrives or share certificates which automatically send their owners dividends if profits reach a certain level”.
The advantages of using blockchain-based registries are many. First, the records are immutable: once a record is published, no one can remove it. Second, it is totally digital: papers and signature checks are not needed anymore. Transferring ownership of records is as easy as sending an email. There is no central point of failure, since all of the infrastructure is decentralized. Third, security. Blockchain technology uses cryptographic algorithms, giving a high degree of security to all operations. For all these reasons, it’s natural to see that different types of blockchain-based registries will emerge in the coming years. In fact, some countries are already taking this option really seriously.
BVRio’s registries and blockchain technologies
Regis is a platform that makes it easy to build, deploy, and manage decentralized blockchain registries. As stated in their own literature: “The first organization that has adopted Regis for building their decentralized registry is BVRio. They have a digital market for timber trading in Brazil that works just like a stock market, with real-time quotes and price charts. They own a proprietary scoring system that is based on the origins, transportation and legality of the timber and they wanted to make this information available to anyone interested in this market as the scores have a direct influence on timber’s price.
Here is where Regis comes in: by creating a decentralized registry to keep timbers’ scores, producers now have traceability on their scores. They can make adjustments on the production or transportation side to check how this impacts their scores. The information is guaranteed to not change, given the immutability of blockchains, and it’s available publicly. And BVRio doesn’t need to maintain an infrastructure to keep the records or worry about server downtime, since the Ethereum blockchain has no single point of failure.“
Read full article: Regis: The Decentralized Registry — Medium.