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HomeFinance NewsBlockchain-based digital ID implemented in Brazil, with less than 13 words.

Blockchain-based digital ID implemented in Brazil, with less than 13 words.

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The Brazilian government has announced that over 214 million citizens will soon be using blockchain technology for digital identity. The states of Rio de Janeiro, Goiás, and Paraná will be the first to issue identification documents on-chain through a private blockchain developed by Serpro, Brazil’s national data processing service. By November 6, the entire country is expected to be able to issue identity documents using blockchain. Alexandre Amorim, president of Serpro, highlighted the immutability and decentralization of blockchain as key factors in protecting personal data and preventing fraud, thereby offering a more secure digital experience for citizens.

The national digital ID project is seen as crucial in combating organized crime and improving government efficiency by allowing different government sectors to collaborate and streamlining administrative records. This move by Brazil follows a similar initiative by the city of Buenos Aires in Argentina, where residents can access their identity documents through a digital wallet. The adoption of blockchain technology will facilitate secure data exchange between the Federal Revenue and government departments, enabling a more efficient and reliable identification system.

In addition to the digital identity project, Brazil is also making significant progress in developing its central bank digital currency (CBDC). The government recently disclosed more details about the project, which has been named Drex. It is reported that the central bank intends to expand business access to capital through a tokenization system connected to the Drex. However, concerns have been raised by a local developer who discovered that the Drex code allows a central authority to freeze funds or reduce balances. Despite this, the introduction of a CBDC shows Brazil’s commitment to embracing blockchain technology for multiple purposes, including digital identity and financial transactions.

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