Brazilian Development Bank Launches Blockchain Network – On May 30, the Brazilian Blockchain Network, a public and distributed blockchain, was launched. The event, which was co-hosted by the Brazilian Development Bank and the Union’s Court of Accounts, served as a starting point for other institutions to join in the network’s development.
The president of the Brazilian Development Bank, Gustavo Montezano, who is in charge of the network’s development, stated that the organization will make agreements with other government institutions to collaborate on the project, noting that “the more individuals participating collectively, the better.”
Also Read: Lebanese Pound Exchange Rate Against Dollar Plunges to All-Time Low
Montezano also noted that the Brazilian Blockchain Network’s next step would be to move out of the lab and produce a workable production prototype, allowing other third parties to focus on developing apps for the network. The network is still in its early phases of development in these institutions’ laboratories, with working applications planned by 2023.
One of the most pressing issues that this network aims to address is Brazilians’ distrust of state institutions. Wesley Vaz, director of the Court of Accounts of the Union’s Information Technology Inspection Department, believes that shifting public processes on a blockchain and requiring them to follow set constraints can help with this issue.
The blockchain rules and limits will be developed to replace current practices. According to Montezano, the initiative has the ability to meet these goals.
He explained:
“The Brazilian Blockchain Network has the potential to significantly alter the way the public sector operates in terms of transparency, efficiency, and security.”
Also Read: Turkey Drafting Crypto Bill to Submit to Parliament in Coming Weeks
While the network has been under development since 2018, the Brazilian Development Bank has only recently started releasing technical details about its operation. Gladstone Arantes revealed in March that the network’s design would be built on a proof-of-authority consensus mechanism, with no mining on top of it. He also announced that the project would be based on Hyperledger Besu 2.0 at the time.
