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Brazilian Development Bank Launches Blockchain Network

Brazilian Blockchain Network

The Brazilian Development Bank has officially launched the Brazilian Blockchain Network, a structure designed to aid other institutions in the country in increasing public transparency. The launch, which was also assisted by the Court of Accounts of the Union, serves to call more institutions to adhere to this project, which aims to have its first applications ready for 2023.

Brazilian Blockchain Network Launch Completed

The Brazilian Blockchain Network, a public and distributed blockchain, was launched on May 30. The event, which was hosted by the Brazilian Development Bank and the Court of Accounts of the Union, serves as a starting point to call other institutions to collaborate with the development and growth of the 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 also stated that the next step for the Brazilian Blockchain Network would be to get out of the lab structure and establish a working production prototype, so other third parties can focus on building apps on the network.

The network is still in its experimental stages in the laboratories of these institutions, and is expected to present working applications by 2023.

Bringing Trust to Public Institutions Again

One of the biggest problems that this network seeks to solve is the distrust that Brazilians have of state institutions. Wesley Vaz, who is a director of the Information Technology Inspection Department of the Court of Accounts of the Union, believes that moving public processes to a blockchain, and making them follow established constraints can help with this issue.

These blockchain rules and constraints will be designed to substitute today’s standard procedures. Montezano explained that the project has the potential of achieving these objectives. He stated:

The Brazilian Blockchain Network can definitely change the functioning of the public machine in terms of transparency, efficiency and security.

While the network has been in development since 2018, the Brazilian Development Bank just started releasing details about its technical operation recently. In March, Gladstone Arantes disclosed that the design of the network would be based on a proof-of-authority consensus mechanism, with no mining on top of the chain. At the time, he also revealed that the project would use Hyperledger Besu 2.0 as its base.

What do you think about the launch of the Brazilian Blockchain Network? Tell us in the comments section below.

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