To finish the creation of the Brazilian Blockchain Network, the Brazilian Development Bank (BNDES) has teamed with the Court of Accounts of the Union (TCU), a constitutional institution of the Brazilian government. The agreement, which was formed through a memorandum of understanding, establishes a timeframe for the completion phase, which is expected to take five years.
New Partnership Powers Brazilian Blockchain Development
The Brazilian Blockchain Network, a common rail that will be used as a platform for the development of apps by public entities in the country, has received new features. The facts were published in the country’s Official Gazette. To further the development of the aforementioned blockchain, the Brazilian Development Bank (BNDES), the institution responsible for its construction, has joined with the Court of Accounts of the Union (TCU), a comptroller institution of the Brazilian state.
The collaboration agreement between these two groups stipulates that one will work on the subject independently of the other. The agreement, signed by Gustavo Henrique Moreira Montezano, Ricardo Wiering de Barros (BNDES executive director), and Ana Arraes (president of the Union’s Court of Accounts), establishes a 60-month timeframe for the finishing of the joint project.
The Brazilian Blockchain Network’s Targets
The relevance of the network as a foundation for the building of other projects on top of it was stated by Gladstone Arantes, a director of the Brazilian Development Bank. The goal of this initiative, according to Arantes, will be to avoid constructing new projects from the ground up and instead use a shared platform for all public objectives.
One of the motives is to strengthen the public administration’s comptroller system, thereby boosting the openness of public spending, which would be represented in the blockchain. The collaboration with the Union’s Court of Accounts is a step in the right direction.
The project, which began in 2018, revealed some key details about its structure in March when it was revealed that it would run on the Hyperledger Besu 2.0 platform and use proof-of-authority consensus. Mining will be prohibited on the network as a result of this configuration. Arantes noted at the time that this was done to keep the system basic so that anyone could inspect it.
The Brazilian government recently announced that it will conduct a series of tests for its CBDC this year, and the Brazilian Congress is anticipated to pass a unified cryptocurrency legal framework in the following months.
Also Read: The Brazilian Congress Seeks to Approve a Unified Crypto Policy
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