Brazil has authenticated around 156,000 documents via blockchain in the last four months. This is a record high and indicates that the adoption of DLT technology in the country is accelerating. A statement released by the Association of Notaries and Registrars of Brazil (ANOREG) indicates that documents were authenticated through the e-Notary system. The authentication process allows citizens to sign and send documents through electronic platforms, such as WhatsApp or email, to relevant parties, including government institutions. Notrachain system The Brazilian blockchain system runs on Notrachain, the national blockchain network of notaries. This system enables the verification of documents in a virtual format. Notrachain supports services such as sales, divorce, donations, inventories, shares, wills, deeds, powers of attorney, among others. The e-Notary system is a product of the National Corregeduría de Justicia (CNJ) Law of 2020. In addition, this system minimizes the movement time of citizens throughout the country. Users can now perform routine tasks via video conferencing on any supported electronic device. Otherwise, they would have to move around. Pandemic accelerates blockchain adoption The statement added that the use of blockchain for document verification has gained momentum during the ongoing coronavirus pandemic. There was a jump of at least 24% per month in 2020. According to the statement: Demand for a blockchain-based digital document authentication solution grew even faster, at a monthly average of 163%, reaching its peak in the last month of February 2021, when more than 71,000 pages were authenticated. ANOREG adds that the success of the e-Notary system will encourage wider adoption of the technology. Moreover, in addition to streamlining operations, blockchain reduces costs and minimizes unnecessary administrative procedures. Brazil is a country open to blockchain and cryptocurrencies. Just two weeks ago, the Brazilian Securities and Exchange Commission (CVM) approved two cryptocurrency ETFs. The first is based 100% on Bitcoin, and the second consists of five cryptocurrencies. Both ETFs will appear on the Brazilian stock exchange. The QR ETF will be listed on B3 with the ticker QBTC11. The other, offered by Hashdex, will have the ticker HASH11. The HASH11 ETF is expected to begin trading later this month, while the QBTC11 ETF is expected to begin trading in Q2 2021. Tags Blockchain Brazil Documents e-Notary Notrachain
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