On Monday, the Brazil Blockchain Network (RBB) was formally launched by Brazil’s national audit office (TCU) and its development bank BNDES to make it available to other public sector bodies. While initially the blockchain will be used to prevent public sector fraud and corruption, the organizations have innovative ideas in mind, including the potential for interacting with citizens in the metaverse.
From a corruption point of view, blockchain’s twin features of immutability and transparency provide a solution for rooting out bad actors. Fraudsters often like to cook the books, but it’s hard to do that after the fact when transactions are on the blockchain. And blockchain’s transparency means that dodgy transactions can be detected and is also a prevention measure that discourages fraudsters. However, while blockchain is a ‘single source of truth’, if false data is written to the chain in the first place, then fraud is still possible.
During the launch event for the blockchain network, executives discussed the concept of a hyperconnected government providing a common platform for sharing between different actors in the public sector.
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