Brazil Development Bank Launches Blockchain Network – Bitcoin News

The Brazilian Development Bank has officially launched the Brazilian Blockchain Network, a structure designed to assist other institutions in the country in increasing public transparency. The launch, supported by the Union Court of Accounts, serves to invite more institutions to this project, which aims to have their first applications ready for 2023.

Brazilian Blockchain Network Launch Completed

The Brazilian Blockchain Network, a public and distributed blockchain, was launched on May 30. Hosted by the Brazilian Development Bank and the Union SAI, the event serves as a starting point for calling on other institutions to cooperate. development and growth of the network.

Gustavo Montezano, president of the Brazilian Development Bank responsible for the development of the network, stated that the organization will sign agreements with other government institutions to cooperate in this task, adding, “The more people act together, the better. ”

Montezano also stated that the next step for the Brazilian Blockchain Network will be to get out of the lab structure and create a working production prototype so that other third parties can focus on building applications on the network.

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

Restoring Confidence in Public Institutions

One of the biggest problems this network is trying to solve is Brazilian distrust of government institutions. Wesley Vaz, director of the Union SAI’s IT Audit Department, believes that moving public processes to a blockchain and enabling them to follow established restrictions can help.

These blockchain rules and restrictions will be designed to replace today’s standard procedures. Montezano explained that the project has the potential to meet these goals. He stated:

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

While the network has been in development since 2018, the Development Bank of Brazil has recently started publishing details on its technical functioning. In March, Gladstone Arantes announced that the design of the network will be based on a proof-of-authority consensus mechanism without mining at the top of the chain. At the time, he also announced that the project will mainly use Hyperledger Besu 2.0.

What do you think about the launch of the Brazilian Blockchain Network? Let us know in the comment section below.

Sergio Goschenko

Sergio is a Venezuela-based cryptocurrency journalist. He describes himself as being late to the game, entering the cryptosphere when the price spiked in December 2017. He has a computer engineering background, lives in Venezuela, and has been socially affected by the cryptocurrency boom, offering a different perspective. about crypto success and how it helps the unbanked and underserved.

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