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Brazil Launches A Blockchain Network For Public Spending

Brazil is leveraging the decentralized nature of blockchain technology to fight corruption in the public sector.

On May 30, Brazil’s new government blockchain network went live, with a cooperation agreement between Uniam SAI and the Brazilian Development Bank.

The launch event was broadcast live on Uniam SAI’s official YouTube channel. The focus of the event is to analyze the technical aspects of the project based on the experiences of several guests.

The Brazilian Blockchain Network is still under development, but will initially be used in several public institutions aimed at improving services to citizens and providing greater traceability in public spending.

This is one of the country’s most important initiatives to integrate blockchain technology into public administration for a more efficient and transparent workflow.

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Brazil bets on blockchain to fight corruption

It makes it easy to promptly disclose any corruption and illegal activity that TCU wishes to prevent.

Ana Arraes, head of Uniam’s TCU, said that the idea of using blockchain technology has been considered for a long time.

The use of blockchain technology is widely discussed because it provides greater protection, transparency and integrity in storing information in public databases to ensure auditability of placed data.

João Alexandre Lopes, director of the BNDES Information Technology Area, said that they will do their best to mutually benefit from blockchain technology.

Blockchain is used in several countries to improve public institutions

In Latin America, the use of blockchain technology in public institutions has been proposed many times before. It is still practiced in countries such as Colombia, Peru, and Argentina.

At the end of 2021, Colombia announced the development of a pilot project with blockchain technology to combat corruption, which took about 3 months. However, MINTIC has not released any official information on the progress or current status of the project.

Also, Peru is using blockchain technology as part of its project to improve traceability in public contracts. Peru has joined LACChain to create a blockchain network focused on serving as a testing ground for the development of digital identity models and traceability solutions to be trusted. Companies will then create applications with blockchain technology to help them be more efficient or solve problems in their environment. This happened in 2019 when the country did not show much interest in launching a CBDC.

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About Hama Amefiz

Amefiz is a professional blockchain, cryptocurrency and tech journalist, regular contributor to newsbsc.com who is writing analysis about the latest developments in the cryptocurrency and blockchain space.

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