Brazilian Development Bank officially launched Brazilian Blockchain Network. It is a network that will assist other institutions of the country to increase transparency. In addition to the Court of Accounts of the Union supporting the launch, the Brazilian Blockchain Network was launched to attract more institutions. The project aims at having its first applications available for 2023.
Brazilian Blockchain Network Launch Completed
On May 30, the Brazilian Blockchain Network was established. It is a distributed and public blockchain. As a point of departure, other institutions can be invited to participate in the development and expansion of the Brazilian Blockchain Network.
Gustavo Montezano, the president of the Brazilian Development Bank, who is in charge of the development of the network, declared that the organization will sign agreements with other government institutions to collaborate on this task, stating that “the more people acting collectively, the better.”
Montezano said that Brazil’s Blockchain Network will move on from the laboratory structure to create a prototype for production, so the rest of the world can work on creating apps.
These institutions are still testing the network in their laboratories. The network will be ready to use by 2023.
Trust in Public Institutions again
This network aims to address the most significant problem: the lack of trust in Brazilian institutions. Wesley Vaz, a Director of the Information Technology Inspection Department of the Court of Accounts of the Union believes that moving public process to blockchain technology and following established constraints could help address this problem.
These blockchain rules and constraints will be designed to substitute today’s standard procedures. Montezano said that there is the possibility of the project achieving the above objectives. He said:
Brazilian Blockchain Network will definitely make the public machine more transparent, efficient and secure.
Although the Brazilian Development Bank recently began releasing information about the technical operation of the network, it has been under development since 2018. Gladstone Arantes revealed in March that the proof-of-authority consensus mechanism would underpin the network’s design, and there will be no mining. He also said that Hyperledger Besu 2.0 would be the base of the project.
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