Brazil Launches a Blockchain Network to Better Trace Public Expenditures

The new Brazilian government blockchain network was made available to the public through a cooperation agreement between TCU (the Court of Accounts of Uniam) and BNDES (the Brazilian Development Bank).

The launch event was streamed live on the official YouTube channel of Court of Accounts of Uniam. The event was a discussion about technical aspects of the project, based on the experiences and perspectives of several guests (public officials as well as executives from companies and representatives from university institutions).

Although the Brazilian Blockchain Network (RBB), is still in development, it will be initially used in several public institutions. This will improve services for citizens and increase traceability of public expenditures.

This is only one part of the country’s widest efforts to integrate Blockchain technology into the government for a more efficient and transparent workflow. This is more than just regulating crypto from the financial perspective — which happens to also be the main focus of many lawmakers in the country.

Brazil is betting on blockchain to combat corruption and improve public institutions

Many officials and politicians see the incorruptible nature blockchain technology as a double-edged blade. It makes it easier to expose corruption, embezzlement or other illegal activities that TCU is trying to stop.

Ana Arraes (President of Uniam’s TCU) stated that the idea to use blockchain technology was brought up in the second half 2019 She also explained that the topic of blockchain technology was very relevant in Government discussions due to its advantages when auditing public spending data.

Blockchain technology is widely discussed as it provides greater transparency, integrity and protection in the storage of information within public databases. This allows for auditability of data.

Joao Alexandre Lópes, the manager of the Information Technology Area at BNDES, stated that once the project has been formalized, they will be opening their doors for all “partners to enjoy this common infrastructure”, which allows them to benefit from the blockchain technology and also share the “benefits in the public interest.”

In many countries, blockchain is being used to improve public institutions

Latin America has seen the implementation of blockchain technology in public institutions repeatedly proposed. This has already been done in Colombia, Peru, and Argentina where citizens can audit certain state activities.

Colombia announced at the end of 2021 that it had developed a pilot project using blockchain technology to combat corruption. The project lasted for approximately three months. The MINTIC has yet to release information about the current status or progress of the project.

Peru also uses blockchain technology in a project to improve the traceability of public contracts. LACChain joined Peru to create a blockchain network that will serve as a test ground for digital identity models and traceability solutions. These companies will create blockchain-based applications to improve their efficiency or solve environmental problems. This was done back in 2019, when there wasn’t much interest in launching CBDC.

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Marla Brooks

Marla Brooks – Financial Analysis My name is Marla Brooks, and I am the mainstream behind the”observednews.com”  for the powerful and most delicate insights into the latest activities in the financial analysis category. I started my journey as an independent financial consultant. I had approximately nine years of experience in this field. I am free soul so; my passion for exploring the world has taken me to the nations across the globe and given me the chance to report for a portion of the best news associations. Currently, I am a full-time editor as experienced in finance and started to use my abilities.

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