Brazilian development bank completes the development of the state blockchain – Bits Media

Brazil plans to complete the development of its own blockchain with the support of the Accounts Coat of the Union during 60 months.

Brazilian Bank of Development (BNDES) concluded
partnership agreement with the Accounts Chamber of the Union (TCU), Constitutional institution of the government Brazil, To complete the development of the state blockchain. The network will be used as a base for the development of state applications. The agreement implies, that both institutions will work independently of each other, Without exchanging resources. To complete the project, it is highlighted 60 months.

Director Bank Gladstone Arantes (GLADSTONE ARANTES) told
Portal to Bitcoin, that the main goal of the project is to create a common platform, on the basis of which all state technological initiatives will work, Whether it is applications or databases. Also, the project should improve public administration controllers and increase the transparency of expenses, What will be reflected in the blockchain.

The authorities of Brazil did not suit, that for each state project, a separate infrastructure and network are being developed. According to Arantes, This blocks innovation and takes a lot of time. Therefore, the country simply lags behind the rest of the world.

The project was launched back in 2018 year and was declared, that he will use the consensus mechanism Proof-OF-Abority (PoA) Based on the Hyperledger Besu platform 2.0. This avoids any mining attempts in the state network. Then Arantes said, that such a setting makes the entire system safe and open for research.

Last week it became known, that the central bank of Brazil (BB) plans to launch
Pilot program of its own digital currency (CBDC) already in the second half of this year, as well as introduce smart contracts and Defi.