Brazilian Development Bank Launches Blockchain Network

The Brazilian Development Bank officially launched the Brazilian Blockchain Network, a framework designed to help other institutions in the country increase public transparency. The launch, which was also attended by the Federal Court of Accounts, serves to invite more institutions to join this project, which aims to have the first applications ready by 2023.

Brazilian Blockchain Network Launch Completed

The Brazilian Blockchain Network, a public and distributed blockchain, launched on May 30. development and growth of the network.

Gustavo Montezano, president of the Brazilian Development Bank, responsible for the development of the network, stated that the entity will make agreements with other government institutions to collaborate in this task, stating that “the more people act collectively, the better.”

Montezano also stated that the next step for the Brazilian Blockchain Network would be to get out of the laboratory structure and establish a working production prototype, so that other third parties can focus on creating applications on the network.

The network is still in an experimental phase in the laboratories of these institutions, and will have to submit job applications until 2023.

Restoring trust in public institutions

One of the biggest problems that this network seeks to solve is the mistrust that Brazilians have of state institutions. Wesley Vaz, who is director of the Information Technology Inspection Department at the Federal Court of Auditors, believes that migrating public processes to a blockchain and having them follow established restrictions can help in this matter.

These blockchain rules and restrictions will be designed to replace current standard procedures. Montezano explained that the project has the potential to achieve these goals. He stated:

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

Although the network has been under development since 2018, the Brazilian Development Bank recently started publishing details about its technical operation. In March, Gladstone Arantes revealed that the network design would be based on a proof-of-authority consensus mechanism, with no top-of-chain mining. At the time, he also revealed that the project would use Hyperledger Besu 2.0 as a base.