The Brazilian government blockchain network is designed to help the country’s authorities increase the transparency of the movement of budget funds.
The Rede Brasil de Blockchain (RBB) network project has been in development since 2018. At the Ethereum.Rio event, Gladstone Arantes, Head of Blockchain Initiatives at the Country Development Bank (BNDES), shared the technical details of the project.
Arantes said that the developers have chosen a Hyperledger Besu 2.0 consensus protocol system as the base platform. The RBB network will use a Proof-of-Authority consensus system that does not involve mining.
The head of the department explained that the Brazilian government is pursuing the goal of transferring public spending to Rede Brasil de Blockchain in order to increase the transparency of the movement of funds and make it easier to control the spending of government entities.
In addition, all stages of the project are coordinated with the Federal Audit Chamber of Brazil, the body responsible for auditing government spending.
Ernst & Young, a large audit firm, is also working on solving the problem of improving the financial management of budgetary funds, which has launched its blockchain solution EY OpsChain Public Finance Manager. It should help governments keep track of budget money “in real time.”
