International Finance

Brazil launches blockchain solution to track government contract bids

Brazilian agriculture industry will benefit from Bid Solution which will provide complete transparency on the contract bids

The Brazilian state of Bahia has launched a blockchain-based solution known as Bid Solution to track public bidding process on government contracts, according to Cointelegraph Brazil. 

Cayenne Technology and Design reportedly developed the solution and is already available in the Play Store and the Apple Store. The media report said Bid Solution will provide complete transparency on process involved in contract bidding. More than 1,000 organisations in Bahia are expected to use the bitcoin solution. 

The Brazilian agriculture industry will be the beneficiary of this blockchain solution. The blockchain solution is developed with the intent to allow agriculture organisations in the state to connect with supplies and workers across Brazil. 

The blockchain-based Bid Solution will be used by “1,100 agricultural associations and cooperatives in the states of Bahia and Rio Grande do Norte in Brazil, under the Bahia Productive and Governo Cidadão, financed through a loan agreement between the state governments and the World Bank,” the Bahia government added. 

Previously, Bloomberg had reported that Minasul, a major Arab coffee cooperative, is planning to launch a blockchain-based digital coin to serve coffee farmers in Brazil. José Marcos Magalhães, president of Minasul, in an interview said that the Brazilian farmers could use the ‘coffeecoin’ to purchase machinery, fertiliser and other non-agricultural products such as  cars and food. 

Using the ‘coffeecoin’ the farmers will be able to earn tokens in return for harvesting coffee beans. The proceeds will be used to purchase goods based on their requirements. Magalhães said that farmers will be able to acquire the cryptocurrency in exchange for coffee produce. Media reports said that 30 percent of the current production, 20 percent of the next harvest, and 10 percent of the next season will be accepted for the exchange. 

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