The Brazilian Development Bank has officially launched the Brazil Blockchain Network, a structure designed to assist other institutions in the country to increase public transparency. The project aims to have its first application ready in 2023.
Launch of the Brazilian Blockchain Network is completed
The Brazilian Blockchain Network, a public decentralized blockchain, waslaunchedon May 30. The event, hosted by the Brazilian Development Bank and the Federal Court of Accounts, serves as a starting point for a call to other institutions to help develop and grow the network.
Gustavo Montesano, president of the Brazilian Development Bank, which is responsible for the development of the network,declared that his institution has signed an agreement with other government agencies to help with this task,and that “the more people acting collectively, the better.”
Montesano also stated that the next step for the Brazilian Blockchain Network is to get out of the lab structure and establish a working production prototype, allowing other third parties to focus on building apps on the network.
The network is still in the experimental phase in the labs of these institutions and is expected to present practical applications by 2023.
bringing trust again to public institutions
One of the biggest problems the network seeks to solve is the distrust Brazilians have for state institutions. Wesley Vaz, director of the Information Technology Inspection Division of the Federal Court of Accounts, believes that moving public processes to the blockchain and subjecting them to established constraints will help solve this problem.
These blockchain rules and constraints will be designed to replace today’s standard procedures.Montezano explained that this project has the potential to achieve these goals. He stated.
Brazil’s blockchain network can certainly transform the functioning of public machines in terms of transparency, efficiency, and security.
The network has been in development since 2018, but the Brazilian Development Bank has only recently begun to release details about its technical operations.In March, Gladstone Arantes said that the network’s design is based on a proof-of-authority consensus mechanism based on a proof-of-authority agreement mechanism and that there would be no mining on top of the chain. At that time, he also revealed that the project will use Hyperledger Besu 2.0 as a base.
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