Chilean Treasury Introduces Blockchain Platform To Process Payments
The Chilean General Treasury of the Republic (TGR), which supervises tax collection in the country, has launched a blockchain platform for payments processing.
TGR, a dependent institution under the Ministry of Finance, reportedly met for the first time in October 2018 with the Digital Government Division of the Chilean Ministry General Secretariat to discuss the pilot. Officials announced at that time that they would create a blockchain platform to connect citizens, suppliers and financial intermediaries.
According to the statement in December, the platform pilot was launched now. The platform stores transactions, such as tax payments or patent fees, processed by Chilean public institutions on a blockchain. All nodes involved in the process are required to approve it before the transaction is recorded.
TGR reports that it hopes that a common database used by governments, institutions and banks will help eliminate data discrepancies, reduce payment time and decrease operational costs while providing the necessary level of personal data security.
In several areas, including the energy and finance sectors, the Chilean Government is exploring blockchain. In April, Chile’s national energy regulator announced the launch of an Ethereum (ETH) blockchain project to collect data from the energy sector of the nation.
The Chilean Parliament is now reviewing a blockchain adoption bill submitted by local parliamentarians in October. The proposal calls for a study to be carried out on the advantages of safety and energy solutions based on blockchain.