Advertise
CoinTrust
BTC
ETH
BCH
SOL
DOGE
SHIB
  • News
  • Bitcoin
  • Ethereum
  • Altcoin
  • Market Cap
  • Learn
    • Buying Crypto
    • Crypto Mining
    • Crypto Exchanges
    • Knowledge
  • Crypto Casinos
    • Bitcoin Casinos
    • New Crypto Casinos
    • No KYC Crypto Casinos
    • Anonymous Crypto Casinos
    • VPN Friendly Crypto Casinos
    • Bitcoin Poker
    • Crypto Poker
    • Bitcoin Bingo
    • USDT Casinos
    • Offshore Online Casinos
    • Bitcoin Betting Sites
    • Crypto Sports Betting
    • Reddit’s Best Bitcoin and Crypto Casinos
No Result
View All Result
CoinTrust
  • News
  • Bitcoin
  • Ethereum
  • Altcoin
  • Market Cap
  • Learn
    • Buying Crypto
    • Crypto Mining
    • Crypto Exchanges
    • Knowledge
  • Crypto Casinos
    • Bitcoin Casinos
    • New Crypto Casinos
    • No KYC Crypto Casinos
    • Anonymous Crypto Casinos
    • VPN Friendly Crypto Casinos
    • Bitcoin Poker
    • Crypto Poker
    • Bitcoin Bingo
    • USDT Casinos
    • Offshore Online Casinos
    • Bitcoin Betting Sites
    • Crypto Sports Betting
    • Reddit’s Best Bitcoin and Crypto Casinos
No Result
View All Result
CoinTrust
No Result
View All Result

Home » Brazil Unveils Blockchain Network to Track Public Resources

Brazil Unveils Blockchain Network to Track Public Resources

Kelly Cromley by Kelly Cromley
May 31, 2022
in Market News, News
Reading Time: 3 mins read
0

The country of Brazil has developed a novel use for blockchain technology. To combat the pervasive problem of bribery and kick corruption out of the public sector, the nation is embracing the decentralized characteristics of blockchain technology. This is not the first time that a nation has considered putting blockchain to use for management objectives, as opposed to just as a way to maintain digital assets.

On May 30th, the new blockchain network that will be used by the Brazilian government was shown to the public. The Court of Accounts of Uniam (TCU) and the Brazilian Development Bank collaborated in order to develop this blockchain network. This relationship made the introduction of this blockchain network feasible (BNDES).

As a means of encouraging engagement from the general public, the TCU broadcasted the beginning of this project through live stream on its official channel on YouTube. The purpose of the gathering was to have a discussion on the technical aspects of the project, taking into account the previous work experience of those who were invited. Executives from the corporation, governmental authorities, and representatives from higher institutions are among the people who have been invited to attend this event.

The blockchain project is now in the planning stages, and when it is completed, it will be known as the Brazilian Blockchain Network (RBB). During the pilot program’s first phase, the RBB will be implemented at public institutions in order to simplify service delivery. RBB will be given the responsibility of enhancing customer service while also making it simpler for the government to track how public funds are being spent.

The threat of corruption has been present in Brazil, and this is the most recent attempt by the government to bring openness and efficiency to the sector of public administration that deals with administrative matters. The latest attempt goes beyond what many authorities across the world have done, concentrating more on the regulation of cryptocurrencies rather than traditional currencies.

The immutability of the data stored on a blockchain is a significant advantage of using this technology. Due to the fact that blockchain functions similarly to a public ledger, it makes it much simpler to identify instances of corruption, embezzlement, and other criminal actions. This is despite the fact that blockchain removes the need for third parties.

Ana Arraes, who is the president of the Technology Commercialization Unit at Uniam, said that the idea to use blockchain technology was encouraged during the second half of 2019. She went on to say that the program had risen to the forefront of talks within the government because of the advantages it offered throughout the process of auditing the public’s data.

Arraes also stated that “the use of blockchain technology becomes broadly discussed because it paves way for greater security, openness, and integrity in the information storage in public databases in order to enable verifiability of the data placed.” Arraes made this statement in reference to the fact that blockchain technology enables greater auditability of the data placed.

According to Joao Alexandre Lopes, manager of the Information Technology Area of BNDES, once the project is completed and declared official, it will be the first step towards the future use of blockchain in other projects that will benefit the general public.

Over the last several years, particularly in Latin American countries, there has been a growth in the application of blockchain technology inside government agencies. Argentina, Colombia, and Peru are just some of the other nations that have started using blockchain technology for auditing governmental operations.

At the tail end of the year that just passed, Colombia announced the first stage of a project that is intended to combat corruption in the public sector. The pilot phase lasted for roughly a quarter of a year, but the nation has not yet issued a report regarding the project’s current state and how it is moving forward.

Auditing procedures in Peru have begun using blockchain technology in order to improve the trackability of public contracts. Peru entered into a partnership with LACChain to develop a blockchain network that will serve as a testing environment for the development of digital identification models and solutions to traceability issues.

Blockchain technology will be used by businesses, which will then be used to efficiently address environmental issues. This proposal was backed by the nation in 2019, prior to the nation having an interest in introducing a digital currency issued by the central bank (CBDC).

Previous Post

MAS Trials Blockchain System to Study Advantages & Risks of DeFi

Next Post

Bitcoin Drops to 9th Position in Global Monetary Base Ranking

Related Posts

XRP Price if Ripple Captures 14% of SWIFT Market Share in 5 Years

XRP Price if Ripple Captures 14% of SWIFT Market Share in 5 Years

by Mostafijur Rahman
Jun 13, 2025
0

Ripple’s vision of replacing or supplementing parts of the legacy SWIFT system is not new—but what if it actually happened...

sft-luffa-partner-for-secure-web3-messaging

SFT and Luffa Unite to Secure Web3 Messaging

by Kelly Cromley
Jun 13, 2025
0

SFT Protocol, a notable player in the decentralized finance landscape known for enabling liquidity in staked assets, has announced a...

quackai-soonchain-decentralized-gaming-partnership

Quack AI and SoonChain Join Forces to Revolutionize Decision-Making in Decentralized Gaming

by Kelly Cromley
Jun 13, 2025
0

Quack AI, an established platform specializing in artificial intelligence-driven governance solutions, has announced a strategic partnership with SoonChain, a progressive...

Ethereum’s Polygon Inks Two Deals to Bring DeFi, Decentralized Insurance & NFT to Enterprises

Polygon Bridges POL Token to Solana with Wormhole Integration

by Kelly Cromley
Jun 13, 2025
0

Polygon, a leading Layer 2 scaling solution for Ethereum, has announced plans to extend the functionality of its native POL...

Cardano Launches Smart Contracts Testnet “KEVM”

Cardano Strengthens Blockchain with Anti-Grinding Upgrade

by Kelly Cromley
Jun 13, 2025
0

Cardano, one of the foremost public decentralized blockchain protocols, has unveiled a new anti-grinding mechanism aimed at improving network security...

nillion unveils alpha mainnet to advance privacy-centric computing

Nillion Launches Enterprise Cluster with Global Tech Giants

by Kelly Cromley
Jun 13, 2025
0

In a significant move toward expanding decentralized infrastructure beyond traditional crypto use cases, Nillion has officially introduced its Enterprise Cluster....

Next Post
Bitcoin Drops to 9th Position in Global Monetary Base Ranking

Bitcoin Drops to 9th Position in Global Monetary Base Ranking

  • blackrock invests in colle web3

    COLLE: Pioneering AI Web3 Platform Receives Investment Boost from BlackRock

    by Kelly Cromley
    May 13, 2024
  • Router Protocol and OpenWorldSwap Partnership to Revolutionize DEX Market

    by Kelly Cromley
    Aug 6, 2024
  • Central Bank of Saudi Arabia Teams Up with Ripple to Transform Cross-Border Settlements

    by Kelly Cromley
    Aug 17, 2023
  • GameStop’s Digital Transformation: Embracing Blockchain and NFTs

    by Kelly Cromley
    Feb 2, 2025
  • Blockchain Based Sports Platform SportsMint Unveiled

    by Kelly Cromley
    Apr 30, 2024

Recent News

sft-luffa-partner-for-secure-web3-messaging
Market News

SFT and Luffa Unite to Secure Web3 Messaging

by Kelly Cromley
Jun 13, 2025
quackai-soonchain-decentralized-gaming-partnership
Market News

Quack AI and SoonChain Join Forces to Revolutionize Decision-Making in Decentralized Gaming

by Kelly Cromley
Jun 13, 2025
Ethereum’s Polygon Inks Two Deals to Bring DeFi, Decentralized Insurance & NFT to Enterprises
Market News

Polygon Bridges POL Token to Solana with Wormhole Integration

by Kelly Cromley
Jun 13, 2025
Cardano Launches Smart Contracts Testnet “KEVM”
Cardano News

Cardano Strengthens Blockchain with Anti-Grinding Upgrade

by Kelly Cromley
Jun 13, 2025
nillion unveils alpha mainnet to advance privacy-centric computing
Market News

Nillion Launches Enterprise Cluster with Global Tech Giants

by Kelly Cromley
Jun 13, 2025

Categories

  • Altcoin News
  • Analysis News
  • Binance Coin News
  • Bitcoin News
  • Blockchain
  • Blog
  • Cardano News
  • Ethereum News
  • ICO News
  • Legislation News
  • Market Forecasts
  • Market News
  • News
  • Ripple
  • Ripple News
  • Solana News
  • Tether News
  • XRP

Cointrust

  • About Us
  • Contact Us
  • Correction Request
  • Our Team

Legal

  • Disclaimer
  • Terms & Conditions
  • Privacy Policy
  • Cookie Policy

Popular

  • ICO Listings
  • Knowledge Base
  • All about Mining
  • Cryptocurrency Exchanges
  • How and Where to buy Cryptocurrency

Sitemap

  • News section
  • Sitemap
  • XML Sitemap

© 2024 CoinTrust.com.

CoinTrustCoinTrust

* DISCLAIMER: All information provided in CoinTrust is merely for informational purposes, we are not an investment advisor and not affiliated with any companies or ICO/Cryptocurrency Projects. To use this website you must accept our cookie policy, Disclaimer and Privacy Policies.

No Result
View All Result
  • News
  • Bitcoin
  • Ethereum
  • Altcoin
  • Market Cap
  • Learn
    • Buying Crypto
    • Crypto Mining
    • Crypto Exchanges
    • Knowledge
  • Crypto Casinos
    • Bitcoin Casinos
    • New Crypto Casinos
    • No KYC Crypto Casinos
    • Anonymous Crypto Casinos
    • VPN Friendly Crypto Casinos
    • Bitcoin Poker
    • Crypto Poker
    • Bitcoin Bingo
    • USDT Casinos
    • Offshore Online Casinos
    • Bitcoin Betting Sites
    • Crypto Sports Betting
    • Reddit’s Best Bitcoin and Crypto Casinos

© 2024 CoinTrust.com.

We use cookies to ensure that we give you the best experience on our website.
If you continue to use this site you agree to allow us to use cookies, in accordance with our Cookie Policy.
I Agree