Gladstone Arantes is a Director of the Brazilian Development Bank. He gave information about progress in the Brazilian Blockchain Network. This project was under development since 2018. It will build on Hyperledger Besu 2.0 which employs a proof of authority consensus mechanism. This project’s final objective is to transfer public funds to the network to improve transparency in these fund movements.
Brazilian Blockchain Network Advances
Brazilian Blockchain Network was created in 2018 and is currently in the development phase. Gladstone Arantes (head of the blockchain initiatives at the Development Bank of the country, BNDES) gave new insight into the progress and technical details of the project. Arantes revealed that Hyperledger Besu 2.x was chosen by the project as its foundation platform and the network will also use a proof-ofauthority consensus.
A proof-ofauthority is a guarantee that no miners will operate on the chain and that the network will remain under the control of state actors. This follows the premise of simplifying the operation of the blockchain, so it’s possible to be easily understood by anyone wanting to examine it.
You need to lay the foundation
Arantes said that Brazilian Blockchain Network is a platform for building trustful applications without the need to reinvent the wheel. Arantes said:
The Brazilian government did this and it continues to do so. It creates its infrastructure for every use case and then uses that network. This blocks innovation. It’s like we were going to make Google, but first we had to make the internet. After discussing our options with partners, it became clear that a single structure was needed.
The project is co-developed with private and state organizations. Its goal is to increase transparency and public awareness about public spending.
Arantes didn’t mention a potential completion date. Their project repository shows that they are deploying a lab network and working on the regulations of the Brazilian Blockchain Network.
Brazil’s central bank has been studying digital currencies and their potential uses.
Let us know your thoughts about the Brazilian Blockchain Network’s development and technical details. Comment below.
Images CreditsShutterstock. Pixabay. Wiki Commons
DisclaimerThis article serves informational purposes. It does not constitute an offer, solicitation, or recommendation of any company, products or services. Bitcoin.com doesn’t offer investment, tax or legal advice. The author and the company are not responsible for any loss or damage caused or alleged caused by the content or use of any goods, services, or information mentioned in the article.