Brazilian Development Bank Launches Blockchain Network to Increase Public Transparency

The Brazilian Development Bank (BNDES) 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 Federal Court of Accounts (TCU - Brazil), serves to call more institutions to adhere to this project, which aims to have its first applications ready for 2023.

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.

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 TCU - Brazil, believes that moving public processes to a blockchain, and making them follow established constraints can help with this issue.

​Source: Bitcoin.com