Politicians in Brazil Use Decred to Record Political Donations

Key Takeaways

  • Decred’s blockchain has been used in Brazil’s 2020 Municipal elections to timestamp and record political donations.
  • 11 candidates in Brazilian mayoral elections partnered with Voto Legal for transparent fundraising using blockchain technology. 

Share this article

Eleven mayoral election candidates across Brazil are leveraging Decred to help track their election campaign donations.

Political Donations Timestamped on Decred

To record campaign donations on the blockchain, the political candidates partnered with Voto Legal, a political crowdfunding organization. Donations are made in Brazilian Real (BRL) through the platform. 

After a donation is received for the politician, Voto Legal records the transaction details and timestamps it on the Decred blockchain. 

According to information shared with Crypto Briefing, 24,139 donations have been made to the 11 candidates and tracked on Decred since May, totaling $607,373 (3,261,597 BRL).

Voto Legal records the name of the person donating and the amount donated along with the date and hour. This guarantees the authenticity of the transactions, promoting reliability in the electoral donation process.

Voto Legal uses dcrtime–a timestamping application that enables them to store hashes of transaction data on the blockchain. 

“Decred was created to champion individual sovereignty. Our governance system is ruled by the collective intelligence of our community to enable truly decentralized decision-making, so it’s rewarding to see our technology utilized in an election, which has the same goal,” Jake Yocom-Piatt, the project lead at Decred, told Crypto Briefing.

The news comes when blockchain has been suggested to provide greater transparency and security to voting systems.

Share this article

The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.

You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.

See full terms and conditions.

Source: Read Full Article