Brazil releases a blockchain network to track public expenditures and fight off corruption. This is a huge step and can act as an example for many other countries. The blockchain network was launched after the agreement between the Court of Accounts of Uniam (TCU) and the Brazilian Development Bank (BNDES). The idea is to take advantage of the decentralized nature of the blockchain network and track public expenditures more closely.
Brazil’s new blockchain network
The blockchain network isn’t yet fully developed. It will be initially used by public firms to provide better services to the citizens and track public expenditures. Brazil’s goal is to integrate blockchain into the public administration for a more transparent and efficient workflow. It shows that the authorities in the country are thinking a step ahead and are looking at applications that no other nation has thought of.
By implementing blockchain to fight off corruption, it would be practically impossible for officials to carry on illegal activities. They will also not be able to siphon off funds with the ease they used to. And since blockchain is tamper-proof, it’s not that they can find ways to overcome the wall.
The Brazilian authorities have been thinking about using blockchain since the second half of 2019. There are a lot of advantages it offers, like “greater protection, transparency, and integrity.” The manager of IT at Brazillian Development Bank said that the project will be beneficial to the public interest and can be used by all partners.
Other countries using blockchain
A lot of countries are using blockchain for the use of government activities where the normal citizens can audit what things are happening. In 2021 end, even Columbia announced the development of a blockchain project to fight corruption. Peru is also using blockchain to improve the tracing of public contracts much more efficiently. All these steps show that sooner or later, more countries will use blockchain for their operations. It can also reduce corruption, and that’s a huge deal for a country like India. Let’s see if any major countries adopt blockchain tech anytime soon.
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