Bitcoin News and Finance
Brazilian Development Bank Launches Blockchain Network Skip to main content

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.

Labels:

Comments

Post a Comment

Popular posts from this blog

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians

On September 18, a Redditor posted to the r/bitcoin forum and explained how he discovered a way to “attack [the] lightning Network’s custodial services.” The Reddit account dubbed “Reckless Satoshi” wanted to figure out if a “discrepancy between real routing fees and service’s transaction fee can be exploited for a profit.” The researcher disclosed that he wanted to see how large the damage could be and said “it is bad.” 6 Lightning Network Custodial Services Attacked, Researcher Discloses Findings to Offenders Prior to Public Disclosure A Redditor called Reckless Satoshi published a disclosure post on r/bitcoin this past Saturday and disclosed how he had found a vulnerability with routing fees and some of the Lightning Network’s custodial services. The research attack was done in good faith and after it was complete he disclosed the bugs to the offending services before publishing his findings. Reckless Satoshi used the Lightning Network (LN) attack on six different services incl
Post a Comment
Read more

Axie Infinity Down 40% Since Last Week’s Price High, Protocol Revenue Outshines Competitors

Last week, the game token leveraged within the Axie Infinity gaming universe skyrocketed to all-time highs, while other crypto markets remained extremely lackluster. During the last seven days, Axie Infinity’s platform token has dropped significantly in value shedding more than 12%. Meanwhile, the game platform’s smooth love potion token has slid over 8% over the last 24 hours. Axie Infinity Down More Than 40% Since All-Time High Not too long ago, the axie infinity (AXS) token was a topical conversation because it reached an all-time high on July 15. At the time, AXS managed to capture $28.93 per unit and since then it has shed 12.8% during the last seven days. The axie infinity (AXS) token is used within the blockchain-based game that involves battles between token-based creatures called “Axies.” AXS is used for the game’s governance system as well as other actions within the game. At the time of writing axie infinity (AXS) is exchanging hands for $16.70 per coin. AXS/USD on Ju
Post a Comment
Read more

Play-to-Earn Game From Polker (PKR) Exchange Listing – Endorsed by Akon

The Play-to-Earn NFT based Polker.Game ‘s native token $PKR has been officially listed on the popular centralized exchange BitMart. Polker.game has been in the spotlight recently as Akon, the American R&B superstar and record producer gave his official endorsement of polker stating that the “game is revolutionary” and that Polker is “hands down.. the best play to earn, NFT game in the space.”. With the BitMart listing and celebrity endorsement from Akon, Polker is perfectly positioned to become a major player in the Play-to-Earn league. Watch Akon’s Video Here What is Play-to-Earn? Although not a new concept, play-to-earn has become a trending term due to the popularity of the NFT game AXIE infinity. In the past, previous play-to-earn games have also achieved success – however, thanks to the huge amount of development in the blockchain space in recent years the gaming experience is now massively improved. Play-to-Earn games are essentially free to play and open to anyone and
Post a Comment
Read more

China to Crack Down on Copyright Infringement Through NFTs

Authorities in China are going after creators of digital collectibles based on other people’s works of art, the use of which was not authorized. The government offensive is part of a campaign to combat online copyright infringement and piracy with the participation of several departments. Regulators in China Move to Strengthen Copyright Supervision of Online Platforms The National Copyright Administration of China (NCAC) has recently launched a campaign against copyright infringement and piracy on the internet, together with the Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Internet Information Office of the People’s Republic. A major objective of the initiative is to improve copyright supervision of online businesses by investigating cases involving the sale and distribution of infringing products on short video, live broadcast and e-commerce platforms, and promptly dealing with infringing content, the agency announced in a press r
Post a Comment
Read more
Blogarama - Blog Directory