Last Wednesday, May 25, the Unian Accounts Chamber (TCU) and the Brazilian Development Bank (BNDES) announced the creation of a joint blockchain ecosystem. It will track government spending, which will eliminate corruption in public procurement.
So far, the project is under development. However, it is possible that the system will be implemented in some government institutions in the coming months.
The program is public and non-profit. It is expected that it will also be nationwide. In the long term, the ecosystem will unite all public services into a single network.
In practice, this will reduce the document flow, remove unnecessary intermediate links and reduce the cost of servicing the state apparatus.
TCU President Anna Arraes notes that the first drafts of the new project appeared back in 2019. Using blockchain to track costs and transfer funds has many benefits. However, not all politicians have approved the integration of such know-how.
Colombia, Peru and Argentina are already using this technology within the state apparatus. Their experience serves as an example for those who still doubt the effectiveness of the blockchain. The possibility of integrating such a system is also being considered in the United States. Congress has published an extensive study outlining the key principles for future policy in this industry. The legislators also invited interested parties to discuss this topic.