brazil, r3 corda, cryptocurrency-news, blockchain news

Report: Blockchain Application Launched In Brazil For Bidding Solution

With increasing awareness of blockchain technology, the developing nations are trying to leverage the revolutionary tech in a more appropriate and innovative way. In almost every country people and governments are contemplating the deployment of this tech in several ways in order to improve the economic climate. In a recent update, a new blockchain-based platform has introduced on July 9, in the Brazilian state Bahia– located on the north-eastern part of the country on the Atlantic coast.

Bahia is the fifth-largest Brazilian state by area with a population of over 2 crores. The Bahia government wanted to keep a track on the process of online bidding in the agriculture industry of the country. The efforts of Cayenne Technology & Design made this task possible and created a blockchain-centered app allegedly known as “Online Bid Solution (SOL)” which is proposed as a completely transparent, speedy, and secure solution to trace customers bidding in a more synchronized way.

The app would facilitate the tracking of government contracts and public bidding activities. The newsflash came through a cryptocurrency-focused Brazilian news outlet Cointelegraph on July 12.

As per the document, published on the website of  Bahia Governo Do Estado, the focus here is the agriculture space of the country- where the Brazilian bidding application would aid the domestic business associations and cooperatives of Bahia agriculture with the suppliers, services, and workers of the country all over while delivering transparency in the digital environment.

Moreover, it is also displayed that the project is financed via loan agreement b/w the state governments and the World Bank. The app is in function and available in the Apple store and Play store. The Government of the State of Bahia mentioned that the application would be operated by approximately 1,100 agricultural associations including the cooperatives in the states of Bahia and Rio Grande do Norte, under the Bahia Productive (BA) and GovernoCidadão (RN).

The official document reads that by using SOL- the contracts, minutes, and edicts would be generated automatically, from the stored data.

Brazil Growing Fast Towards Blockchain & Crypto Adoption

Definitely, the time has changed a lot and today we all think about constant innovations that can shift the existing paradigm. The countries which are employing blockchain technology and believing in crypto assets are far more advanced than the developing nations. Here, Brazil is one of those nations which is embracing the blockchain tech in a more advanced and commercialized manner along with Bitcoin (BTC) with a low barrier to entry. Due to the rapid increase of inflation in the country reportedly, the unemployment rate currently stands at 12.5% and is creating an economic growth pressure on the government. In order to subside the recession concerns the government is trying to build various solutions such as the establishment of a crypt0 regulation commission- the head of the Chamber of Deputies ordered on May 31, 2019. On June 18, the department of Federal Revenue released a statement mentioning that all the cryptocurrency exchanges in Brazil would report 100% of user transaction to the authorities in order to improve on public services. Ostensibly, Brazil in its forthcoming endeavors would possibly introduce a blockchain-based virtual token dubbed as “coffee coin” that would be pegged with coffee beans, like stablecoins are backed by various currencies.

Tags: Blockchain News, Transparency, Brazil, Agriculture, Government, Apps, Bidding Solution, Blockchain Adoption, Banks, Tokens, Stable coin, Cryptocurrency, Coffee, Online Bid Solution