Brazil launches government blockchain network

Wednesday 1 June 2022 12:35 CET | News

Brazil’s new government blockchain network has gone live thanks to a cooperation agreement between the Court of Accounts of Uniam (TCU) and the Brazilian Development Bank (BNDES).

The launch event’s focus was to discuss the technical aspects of the project based on the experiences of several guests (public officials, company executives, and representatives of university institutions).

The Brazilian Blockchain Network (RBB) is still under development, but will initially be used in several public institutions, aiming to improve the services offered to citizens and provide greater traceability on public expenditures.

This is part of the country’s broadest efforts to integrate blockchain technology into the public administration for a more efficient and transparent workflow. This goes beyond regulating crypto from a financial point of view —which also happens to be the focus of many legislators in the country. Brazil is betting on the blockchain to fight corruption or improve public institutions.

The incorruptible nature of blockchain technology is a double-edged sword for many officials and politicians, as it makes it easier to immediately expose any type of corruption, embezzlement, or illegal activities, which TCU wants to prevent.

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Keywords: blockchain, central bank, product launch, transaction monitoring, financial institutions, data sharing
Categories: DeFi & Crypto & Web3
Companies: Brazilian Development Bank
Countries: Brazil
This article is part of category

DeFi & Crypto & Web3

Brazilian Development Bank

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