Brazilian Blockchain Network got officially launched by Brazilian Development Bank went live


Brazilian
Development Bank has officially launched Brazilian Blockchain Network (RBB)
which is a public and distributed blockchain. It went live on May 30th
this year.
With the
cooperation agreement between the Court of Accounts of Union (TCU) and the
Brazilian Development Bank (BNDES) this Blockchain Network has been launched.
It is a structure designed to support other institutions in increasing public
transparency in the country. Court of Accounts of the Union has assisted the launching
event. It was live streamed on the official YouTube channel. The aims to have
its first working applications ready by 2023. The focus of the event was to discuss
the technical aspects of the project based on the experiences of several guests
that includes public officials, company executives, and representatives of
university institutions. It serves as a starting point to call for more
institutions to collaborate with the development to this project.
RBB is still in
its experimental stages in the laboratories of the institutions. Initially it will
be used in several public institutions. The intention is to improve the
services offered to citizens and provide greater traceability on public
expenditures. New government is taking this effort to integrate blockchain technology into the public administration for a more efficient and transparent
workflow.
Since 2018 the
network has been in development. The Brazilian Development Bank has recently started
releasing details about its technical operation. Gladstone Arantes revealed in
March that the design of the network would be based on a proof-of-authority
consensus mechanism, with no mining on top of the chain. He also disclosed that
the project would use Hyperledger Besu 2.0 as its base.
This network
seeks to solve the distrust issue that Brazilians have of state institutions
which is the biggest problem. As per the director of the Information Technology Inspection
Department of the Court of Accounts of the Union, Wesley Vaz, moving public
processes to a blockchain, and making them follow established constraints can
help with this issue.
The president of
the Brazilian Development Bank who is in charge of the development of the
network, Gustavo Montezano announced that the organization will sign agreements
with other government institutions to collaborate on this task. He further
added that the next step for the Brazilian Blockchain Network would be to
establish a working production prototype, so other third parties can focus on
building apps on the network.
According to president
of Uniam TCU, Ana Arraes, during the second half of 2019 the idea of using
blockchain technology came up. She further added, use of Blockchain technology offers
advantages like greater protection, transparency and integrity in storage of
information in public databases which allow auditing the data provided for
public spending hence this topic had been very relevant within the Government
discussions.” João Alexandre Lopes, manager of the Information Technology Area
of BNDES, said they will open their doors for partners to enjoy mutually the benefit
from blockchain technology using this common infrastructure once the project gets
formalized.

Indrani bose
CBW - External Analyst
INDIA