The Chilean General Treasury of the Republic (TGR) has introduced a blockchain platform to process payments, according to a press release that was published just recently.
TGR — which is a dependent institution under the Ministry of Finance —initially met with the Digital Government Division of the Ministry General Secretariat of the Presidency of Chile to talk about the pilot in October, 2018. During that time, officials declared they would make a blockchain platform to link citizens, financial intermediaries and suppliers.
According to that statement, the pilot for the platform has now been introduced. The platform keeps transactions that are processed by Chilean public institutions — such tax payments or patent fees — on blockchain. Before documenting the transaction, all nodes involved in the process are obliged to sanction it.
TGR reports that it hopes a common database that would be used by both by government, institutions and banks would help remove data discrepancies, lessen time spent on payments, as well as slash operational expenses, while delivering the needed level of security when it comes to personal information.
The government is taking a look at using the nascent technology in a number of different areas, which include the energy and finance departments. Back in April 2018, Chile’s national energy regulation group declared that it had launched a project based on the Ethereum (ETH) blockchain to document data from the energy sector.
The Chilean Parliament is now exploring a bill on blockchain adoption that was presented by local MPs late last year. The proposal recommends conducting studies on the advantages of blockchain-based security and energy solutions.
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