Blockchain makes Brazilian government contract bids more transparent – TheNews.Asia

Blockchain makes Brazilian government contract bids more transparent

A state in Brazil is making use of Blockchain in order to facilitate government contract bids in a more transparent and open manner. This will do so by tracking the details of the bid, which will then allow regulators to see if there have been any discrepancies with regards to the data. Everything from the costs to the participants will be included in the information and the blockchain network will make tampering quite impossible.

The state, in question, is Bahia and the solution that it is employing that is based on blockchain is called the Online Bid Solution (SOL). In the post regarding the SOL, it was explained that the network was made by the firm Cayenne Technology and Design. It would also appear that the application is already available via the Google Play Store and the Apple App Store.

“The application, already available in the Play Store and the Apple Store, will be used by about 1,100 agricultural associations and cooperatives in the states of Bahia and Rio Grande do Norte, under the Bahia Productive and Governo Cidadão, financed through a loan agreement between the state governments and the World Bank,” the post reads.

It would appear that Brazil is becoming more invested in blockchain, at least, as far as its private sector is concerned. Another example of blockchain making a difference in the South American country is the matter of Minasul, a cooperative for coffee farmers in Brazil, Cointelegraph reports. That particular instance involves the use of tokens that farmers can then use to exchange for certain goods.

Thanks to the transparency that the decentralized ledger technology offers, it becomes much easier for governments or cooperatives to trust in the integrity of the process. On that note, this does not blockchain completely impervious to corruption, especially of access to the information is restricted.

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