To complete the Brazilian Blockchain Network development, the Brazilian Development Bank (BNDES), has partnered up with the Court of Accounts of the Union. (TCU) is a constitutional institution of the Brazilian Government. A memorandum has been signed to establish a date for completion. The project should be completed in five years.
Brazilian Blockchain Network Development powered by a new partnership
The Brazilian Blockchain Network is now open for business. It will provide a platform that allows the creation of new apps. Official Gazette revealed the details. To advance the development of the aforementioned Blockchain, the Brazilian Development Bank (BNDES) has partnered up with the Court of Accounts of the Union, a Brazilian comptroller institution, in order to do so.
This cooperation agreement is between the two organizations and means that they will each work on the topic without sharing resources. Gustavo Henrique Moreira Montezano and Ricardo Wiering de Barros, executive director of the BNDES, signed the agreement. Ana Arraes, president of the Court of Accounts of the Union, set a 60-month deadline for the completion of the project.
The Brazilian Blockchain Network’s Objectives
Gladstone Arantes is a Director of Brazilian Development Bank. He explained how important the network was as a foundation for other projects. Arantes stated that the project’s objective is to not create new projects but instead to use one platform to serve all purposes.
This is one of the reasons for this partnership. It is intended to enhance the accounting system in public administration and increase transparency about public spending. The blockchain would reflect that. This is possible with the partnership with the Court of Accounts of the Union.
In March 2018, the project was announced that it will use Proof-of-Authority consensus to top Hyperledger 2.0. The network will be blocked from mining. Arantes said that the intention was to simplify the system so everyone could look at it.
Brazilian authorities have reported in recent months that they plan to conduct a pilot testing for the CBDC. In the future, the Brazilian Congress will approve a unified cryptocurrency legal framework.
How do you feel about this new partnership to develop the Brazilian Blockchain Network. Leave your comments below.
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