Drudge Retort: The Other Side of the News
Sunday, January 28, 2018

Brazil will use blockchain – the technology behind the bitcoin currency – to curtail fraud. The move comes on the heels of a four-year, high-level corruption investigation, but experts warn that this attempt will not be a silver-bullet fix.The platform's supporters believe it can reduce fraud in Brazil's antiquated land titling system, which enables swathes of Amazon rainforest to be cut down for soy and beef farming, in a country where half the population lack property rights.





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Only organized resistance can repair worker rights and democracy. US history is very violent in this regard, by both police and unions, compared to the EU, at least in the last century. The stronger US influence is in the South American region the greater violence will be required to effect reform.

#1 | Posted by bayviking at 2018-01-28 09:24 AM | Reply


#2 | Posted by Doc_Sarvis at 2018-01-28 11:06 AM | Reply

Blockchain could improve all sorts of contract management applications where the participants don't trust a central registry. Bitcoin doesn't have any inherent value though.

This may also help with identify fraud. Whenever my credentials are used in a contract, I want to be notified so that I can void the contract in case of fraud.

#3 | Posted by bored at 2018-01-28 08:43 PM | Reply

"Bitcoin doesn't have any inherent value though."

Neither does paper money or most coin money now.

#4 | Posted by bayviking at 2018-01-29 09:24 AM | Reply

I doubt that Brazil's rampant corruption will change much just because you start using an insane monetary system.

#5 | Posted by danni at 2018-01-29 10:33 AM | Reply

This won't stop corruption in the slightest. Blockchain run by a central authority is called a poorly optimized database. Put a gun to the head of Serpro, and watch the immutability of that blockchain disappear overnight. Without decentralization, blockchain is pointless.

#6 | Posted by Ben_Berkkake at 2018-01-29 11:20 AM | Reply

There are two problems...one has already been mentioned about decentralizing. The second is that cryptocurrency has the same glaring inherent flaw that paper money has...it takes money to make money. Someone with a little money who does some mining on the side can't compete with someone who spends tens of thousands on mining rigs/cloud mining. Cryptocurrency solves some big issues but corruption is not one of them.

#7 | Posted by humtake at 2018-01-29 12:26 PM | Reply

I doubt that Brazil's rampant corruption will change much just because you start using an insane monetary system.

#5 | POSTED BY DANNI AT 2018-01-29 10:33 AM | REPLY

Blockchain is a distributed database technology, not a monetary system. They are not adopting bitcoin. They're using the same technology that is used for bitcoin down to simple urban garden management in New York to reform a corrupted land registration system. Their existing system is frequently abused for fraudulent slash & burn logging and illegal mining operations.

#8 | Posted by sitzkrieg at 2018-01-29 02:15 PM | Reply

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