Brazil Unveils Blockchain Network to Track Public Expenses

Brazil Unveils Blockchain Network to Track Public Expenses

To combat corruption on public expenses by tracking them efficiently, the Brazilian government unveiled a new blockchain network.

The launch was made possible by a collaboration between the Court of Accounts of Uniam (TCU) and the Brazilian Development Bank (BNDES).

The Brazilian Blockchain Network is still in development, but it will be used in a number of governmental institutions to better services provided to citizens, and offer better transparency on public expenditures.

The network, public and not-for-profit, will be national in scope. It will connect participating institutions in a governance structure and technological infrastructure. The blockchain network will work with the aim of facilitating the adoption of blockchain technology in solutions aimed at public interest.

The purpose of the event was to discuss the technical components of the blockchain project based on the experiences of public officials, company executives, and university representatives.

The event was broadcasted live on TCU’s official YouTube channel. 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 said that this issue 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,” Arraes noted.

João Alexandre Lopes, manager of BNDES’ Information Technology Area, added that as soon as the project is formalized they will open their doors so that all parties can jointly profit from blockchain technology, and to share such benefits for the public interest.

The use of blockchain technology in public institutions has been advocated numerous times in Latin America, and it has already been implemented in nations such as Colombia, Peru, and Argentina, where citizens can audit certain government activities.

In the case of Brazil, it has been very much open to the adoption of cryptocurrency. Last month the Brazil Senate passed a bill that provides a regulatory framework for the legalization of cryptocurrency in the country.

A few days back, Brazil’s Federal Reserve decreed a new law asking Brazilian crypto investors to pay income tax on transactions that involve the exchange of crypto.

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