Odebrecht prepares its own blockchain platform

The objective of the Brazilian company is to show greater transparency in the process of granting concessions

The Brazilian company Odebrecht, one of the largest construction companies in the world, made the decision to create its own blockchain platform in order to have greater transparency regarding the delivery of concessions for public infrastructure.

Additionally, they informed that they are going to create the Observ Institute for the monitoring, supervision, surveillance and tracking of the processes and documents that are related to the concessions.

This initiative comes from the numerous corruption scandals in which it has been involved in several Latin American countries, which involve the former Brazilian president Lula Da Silva, among others.

Odebrecht was forced to pay more than 700 million dollars for corruption, and to commit to lead initiatives that combat this type of practices. Therefore, the company has invested about 217 thousand dollars to start this project

Given this, Fábio Januário, president of the construction company, said the company is going to bet that this project can be expanded throughout Latin America.

K. Tovar

Source: Coincrispy

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