Skip to main content

Brazilian Development Bank Sets Deadline for Completion of Blockchain Network

Brazilian Blockchain Network

The Brazilian Development Bank (BNDES) has partnered with the Court of Accounts of the Union (TCU), a constitutional institution of the Brazilian government, to complete the development of the Brazilian Blockchain Network. The partnership, established through a memorandum of understanding, establishes a deadline for the completion of the project, which should be finished in five years.

Brazilian Blockchain Network Development Powered by a New Partnership

New details are available on the development of the Brazilian Blockchain Network, a common rail that will be used as a base for the development of apps by public institutions in the country. The details were revealed in Official Gazette of the country. The Brazilian Development Bank (BNDES), the institution responsible for the creation of this platform, has partnered with the Court of Accounts of the Union (TCU), a comptroller institution of the Brazilian state, to advance the development of the aforementioned blockchain.

The cooperation agreement between these two organizations implies that each will work on the subject without transferring resources between them. The agreement, which was signed by Gustavo Henrique Moreira Montezano, Ricardo Wiering de Barros (executive director for the BNDES), and Ana Arraes (president of the Court of Accounts of the Union), determines a deadline of 60 months for the completion of the joint project.

Objectives of the Brazilian Blockchain Network

Gladstone Arantes, a director of the Brazilian Development Bank, explained the importance of the network as a base for the creation of other projects on top of it. According to Arantes, the objective of this project will be to stop creating new projects from scratch, and instead use a common platform for all public purposes.

One of the motivations behind this is to improve the comptroller system of the public administration, increasing the transparency of public spending, which would be reflected in the blockchain. The partnership with the Court of Accounts of the Union is a step in this direction.

The project, which was launched back in 2018, announced some key details of its structure in March when it was revealed it would use proof-of-authority consensus on top of the Hyperledger Besu 2.0 platform. This setup will not allow mining activities on the network. At that time, Arantes explained this was to keep the system simple so anyone could examine it.

The Brazilian government has also reported recently it will run a pilot test for its CBDC this year, and a unified cryptocurrency legal framework is also expected to be approved by the Brazilian Congress in the coming months.

What do you think about the new partnership for the development of the Brazilian Blockchain Network? Tell us in the comments section below.



from Bitcoin News https://ift.tt/6v3f01C
Labels:

Comments

Post a Comment

Popular posts from this blog

Deep Web Roundup: Dream Adds Monero and Bitcoin Tumbler “Chip Mixer” Launches

The darknet has been quiet of late, which is the way it’s meant to be. No news means no mega busts, honeypots, or mass market shutdowns. Even when it’s out of the spotlight though, the deep web is quietly making news, whether trialling the latest privacy coins or the newest coin mixers that promise to restore a little of the privacy that’s being stripped away from bitcoin users on a daily basis. Also read: U.S. Agency ICE Conducts Investigations That Exploit Blockchain Activity The Battle for Privacy Heats Up Privacy is all relative, but of late there’s been relatively little privacy to be enjoyed by bitcoin users. Blockchain monitoring software is becoming more sophisticated and more common, with U.S. law enforcement agencies using it to profile and hunt down deep web users. Chip Mixer is a relatively new bitcoin tumbler that’s designed to restore some of that privacy. Available on both the clearnet and darknet, the service uses a variety of techniques to obfuscate blockchain m
10 comments
Read more

International Crypto Exchange Luno Adds Bitcoin Cash Trading

Luno exchange has added bitcoin cash trading to the platform following feedback from its client base. BCH is now only the third cryptocurrency available for trading on the exchange, in addition to BTC and ETH , but more options could be on the way once Luno determines that they are credible enough. Also Read: Bitflyer Adds Bitcoin Cash Trading Across Europe and the US Luno Adds Bitcoin Cash Trading Luno, the London-headquartered company formerly known as Bitx, recently announced that bitcoin cash was made available on its cryptocurrency exchange. Starting from Monday, September 23, customers at Luno are now able to store, buy and sell BCH on the platform. The reason given for adding BCH to the exchange is feedback from users in developing markets that convinced Luno to expand their offering from previously just BTC and ETH . Marcus Swanepoel, CEO of Luno, said , “We are in a new and exciting financial era. Developing economies are leading the large-scale adoption and appli
Post a Comment
Read more

Ombudsman Receives Complaints About Crypto Investments in Spain

The Spanish ombudsman has been receiving complaints about cryptocurrency and how some Spanish citizens investing in these vehicles have lost everything. In his annual report, Angel Gabilondo recognized the rise of cryptocurrencies as a new problem due to the little or no regulation crypto sees in the country. In the same way, the EU has also warned about these assets recently. Spanish Ombudsman Gives His Take on Crypto Angel Gabilondo, the Spanish ombudsman, has given his take regarding cryptocurrencies and the effects they have on citizens investing in some of these projects. Gabilondo said in his yearly report that cryptocurrencies have become “a new problem” during the year examined, with many people having lost all of their funds invested. The report states : Cryptocurrency exchange companies or platforms are not regulated in the legal system, are not subject to any public supervision system, nor do they benefit from deposit guarantee systems. The affected users that sought
Post a Comment
Read more