Brazil Unveils Blockchain Network to Track Public Resources May 31, 2022 May 31, 2022 Kelly Cromley http://1AZFjzw2#Nwf63pYaMWq#xIY
Market NewsMay 31, 2022 by Kelly Cromley

Brazil Unveils Blockchain Network to Track Public Resources

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).

AuthorKelly Cromley

Kelly is our in house crytpto researcher, delving into the stories which matter from blockchains being used in the real world to new ico coming out.