Brazil is using the decentralized nature of blockchain technology to combat public-sector corruption.
Thanks to a collaboration agreement between the Uniam Court of Accounts (TCU) and the Brazilian Development Bank (BNDES), Brazil’s new government blockchain network was operational on May 30.
The launch was broadcast live on the Uniam Court of Accounts’ official YouTube channel (TCU). The purpose of the gathering was to discuss the project’s technical components based on the experiences of numerous guests (public officials, company executives, and representatives of university institutions).
The Brazilian Blockchain Network (RBB) is still in development, but it will be used in a number of governmental institutions to improve citizen services and provide better transparency on government spending.
This is just one component of the country’s larger efforts to integrate blockchain technology into government operations for a more efficient and transparent process. This extends beyond simply regulating crypto from a financial standpoint, which is certainly something that many legislators in the country are interested in.
For many officials and legislators, blockchain technology’s incorruptibility is a double-edged sword, since it makes it easier to reveal any form of corruption, embezzlement, or unlawful activity, which TCU wishes to avoid.
The notion of employing blockchain technology came up in the second part of 2019, according to Ana Arraes, president of Uniam’s TCU. She also stated that this topic had been a hot topic in government debates because of the benefits it provides when examining the data provided for public spending.
“The use of Blockchain technology becomes widely discussed because it allows greater protection, transparency, and integrity in the storage of information in public databases in order to allow auditability of the data placed.”
As soon as the project is formalized, Joo Alexandre Lopes, manager of BNDES’ Information Technology Area, said they will open their doors so that all “partners can enjoy this common infrastructure,” to mutually profit from blockchain technology, and to share such “benefits for the public interest.”