Fun

Brazilian Development Bank Launches Blockchain Network

News Feed - 2022-06-01 07:06:34

Brazilian Development Bank Launches Blockchain Network


The Brazilian Development Bank 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 Court of Accounts of the Union, serves to call more institutions to adhere to this project, which aims to have its first applications ready for 2023. Brazilian Blockchain Network Launch Completed


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. Bringing Trust to Public Institutions Again


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 the Court of Accounts of the Union, believes that moving public processes to a blockchain, and making them follow established constraints can help with this issue.


These blockchain rules and constraints will be designed to substitute today’s standard procedures. Montezano explained that the project has the potential of achieving these objectives. He stated:


The Brazilian Blockchain Network can definitely change the functioning of the public machine in terms of transparency, efficiency and security.


While the network has been in development since 2018, the Brazilian Development Bank just started releasing details about its technical operation recently. In March, Gladstone Arantes disclosed that the design of the network would be based on a proof-of-authority consensus mechanism, with no mining on top of the chain. At the time, he also revealed that the project would use Hyperledger Besu 2.0 as its base. Tags in this story Brazil, brazilian Blockchain network, Gustavo Montezano, launch, public transparency, Wesley Vaz


What do you think about the launch of the Brazilian Blockchain Network? Tell us in the comments section below. Sergio Goschenko


Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved. Terra Development Team Reveals Some Users "Received Less LUNA From the Airdrop Than Expected" NEWS | 7 hours ago Old Fashion Research Launches $100 Million Latam and Emerging Markets Crypto Metaverse Fund NEWS | 12 hours ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleSouth Korea to Invest $177 Million Directly in Metaverse Platforms Next articleMoU Established by Clesson, the Company Behind LABEL Foundation, With CJ Entertainment and Media Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItCentral Bank of Brazil Confirms It Will Run a Pilot Test for Its CBDC This Year


The Central Bank of Brazil has confirmed that the institution will run a pilot test regarding the implementation of its proposed central bank digital currency (CBDC), the digital real. Roberto Campos Neto, president of the bank, also stated that this ... read more.NFT Sales Volume Saw a Small Uptick This Week — Moonbirds, Mutant Apes Take Top Sales Survey: Adoption in Argentina Grows, With 12 out of 100 Adults Having Invested in Crypto Iran to Increase Penalties for Unauthorized Cryptocurrency Mining Ethereum Foundation"s Financial Report Discloses It Holds $1.6 Billion in Assets, 80.5% Held in Ether

News Feed

Report: Over 30,000 Nigerians to Learn About Blockchain From Government Agency
Report: Over 30,000 Nigerians to Learn About Blockchain From Government Agency Nigeria’s National Information Technology Development Agency recently said it has launched a b
TON Price Jumps 20% Following Positive News On Telegram Founder
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Nigerian court postpones money laundering trial of Binance and execs
Turner Wright8 hours agoNigerian court postpones money laundering trial of Binance and execsA judge in Nigeria reportedly adjourned proceedings in a case against Binance and two executives until May 17 to allow lawyers t
Charges of Fraudulent Pretense: US Court Unseals Onecoin Cofounder’s Indictment
Charges of Fraudulent Pretense: US Court Unseals Onecoin Cofounder"s IndictmentManhattan prosecutors from the New York Southern District Court (NYSD) have unsealed indictment charge
Russia May Accept Bitcoin for Gas Exports, Lawmaker Says
Russia May Accept Bitcoin for Gas Exports, Lawmaker Says Russia is moving away from the dollar and the euro as payment options for its energy exports, and bitcoin has been mentione
Venture Capitalists Have Invested Over $200M in Stablecoins
Venture Capitalists Have Invested Over $200M in Stablecoins Does the world need more stablecoins? Yes according to VCs, who have thrown hundreds of millions of dollars at project
Nigeria’s Binance crackdown threatens Web3 industry
Amaka Nwaokocha10 hours agoNigeria’s Binance crackdown threatens Web3 industryAccording to Uwakwe, the head of Nigeria’s crypto intercommunity working group, investors worry about potential repercussions similar to B
Ripple’s XRPL taps Axelar for RWA, cross-chain communication
Ana Paula Pereira10 hours agoRipple’s XRPL taps Axelar for RWA, cross-chain communicationThe partnership between Ripple and Axelar is part of a strategic move into tokenizing real-world assets.3454 Total views2 Total s
Bitcoin Crashes: Here’s Where The Nearest On-Chain Support Is
Este artículo también está disponible en español. Bitcoin has observed a plunge during the past day. Here’s the nearest on-chain level that the asset would end up r
Chainlink Whales Accumulate $77 Million LINK Amid Price Correction – Details
Este artículo también está disponible en español. Amid a general market retracement, prominent altcoin Chainlink has recorded a 29.89% price decline from its local market
SEC Intervenes in Binance US Acquisition of Bankrupt Crypto Lender Voyager Digital’s Assets
SEC Intervenes in Binance US Acquisition of Bankrupt Crypto Lender Voyager Digital"s Assets The U.S. Securities and Exchange Commission (SEC) has intervened in the asset purchase a
World’s largest Bitcoin miner increased BTC holdings by $124M in July
Zoltan Vardai10 hours agoWorld’s largest Bitcoin miner increased BTC holdings by $124M in JulyMarathon Digital holds over $1.1 billion worth of Bitcoin after the company decided to go full “HODL.”6144 Total views13