Brazil Uses a Blockchain Platform to Facilitate Government Contract Bids

Online Bid Solution(SOL) developed by Cayenne Technology and Design is a blockchain-based application that assists the Brazilian governmental contract bidding.

brazil blockchain bids

The use of blockchain made it possible to have a more secure and transparent bid allowing regulators to keep an eye on disparities that may have meddled within the participants’ information. Costs and all data needed for bidders will be securely shared and stored on the blockchain where no malicious alternations can be made.

Bahia, a state in the north-east of Brazil is the one launching the app now available on Play Store and Apple App Store. According to post with regard to SOL, the state governments and the World Bank will finance the application that will be used by about 1,100 agricultural associations and cooperatives in Bahia and Rio Grande do Norte.

SOL is not the only application to invest in blockchain technology to make a change in Brazil. Minasul, an Arabica Coffee Cooperative from Varginha, Brazil, is planning on implementing a blockchain application for farmers. The company’s president, Jose Marcos Magalhaes, recently revealed the company’s plan. In an interview during the Global Coffee Forum in Sao Paulo, Brazil, Magalhaes said that the token would be supported by coffee supplies, which will allow farmers to buy agricultural supplies including fertilizers and agricultural machinery using the token. The use of blockchain would facilitate transactions for farmers and eliminate long-distance traveling in the search for notary offices to make registration paperwork.

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