Published: 20.04.2022
Article reading time:
2 minutes.
Brazil plans to complete the development of its own blockchain with the support of the Union Accounting Board within 60 months.
The Brazilian Development Bank (BNDES) has partnered with the Court of Accounts of the Union (TCU), a constitutional institution of the Brazilian government, to complete the development of the state blockchain. The network will be used as a base for the development of government applications. The agreement implies that both institutions will work independently of each other without exchanging resources. There are 60 months to complete the project.
Bank director Gladstone Arantes told Portal to Bitcoin that the main goal of the project is to create a common platform on which all government technology initiatives, whether applications or databases, will work. Also, the project should improve the systems of public administration controllers and increase the transparency of spending, which will be reflected in the blockchain.
The Brazilian authorities did not like the fact that a separate infrastructure and network is being developed for each state project. According to Arantes, this blocks innovation and takes a lot of time. Therefore, the country simply lags behind the rest of the world.
The project was launched back in 2018 and it was announced that it will use the Proof-of-Authority (PoA) consensus mechanism based on the Hyperledger Besu 2.0 platform. This avoids any mining attempts on the state network. Then Arantes said that such a setting makes the entire system safe and open for research.
Last week it became known that the Central Bank of Brazil (BB) plans to launch a pilot program of its own digital currency (CBDC) in the second half of this year, as well as introduce smart contracts and DeFi.
Source: Bits
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