• The Brazilian Development Bank established the Brazilian Blockchain network in May.
• Sao Paulo’s new municipal data and transparency law recognizes blockchain as a tool that may be utilized to facilitate government operations.
• Blockchain technology provides a public view of each transaction, it may be used to help in the identification of corruption and to ensure compliance for public servers.
Brazil has been one of the earliest adopters of blockchain technology, and has been steadily embracing it for the past few years. In May of this year, the Brazilian Development Bank established the Brazilian Blockchain network, a move that signaled the country’s commitment to the technology and its potential applications.
More recently, Sao Paulo, the largest city in Brazil, has implemented a new municipal data and transparency law that recognizes the use of blockchain technology to facilitate government operations. The legislation acknowledges the potential of blockchain technology to improve data accessibility and openness, but does not specify how this technology should be used.
The law’s author, Maria De Carli, has defended the broad terminology used to describe blockchain technology in the text. She believes that specific technological applications should not be spelled out in legislation, but rather addressed with the municipal law. De Carli also noted that blockchain technology provides a public view of each transaction, which can be used to help in the identification of corruption and to ensure compliance for public servers.
The Brazilian government’s embrace of blockchain technology has been seen as a positive step in the country’s development, and it is expected that other countries will soon follow suit. The potential applications of blockchain technology are vast, and its use in government operations could be a major step towards greater efficiency and transparency. With the new Sao Paulo law and the Brazilian Development Bank’s network, Brazil is showing that it is serious about embracing this technology and using it to further its progress.