According to a press release dated December 19, TGR (The Chilean General Treasury of the Republic) essentially responsible for tax collection in the country has come up with a blockchain platform in order to process payments. TGR runs under the principles jotted down by the Ministry of Finance. In the month of October, TGR organised meetings with the Digital Government Division of the Ministry General Secretariat of the Presidency of Chile with the intention of discussing the pilot. The idea of creating a blockchain platform was initiated in order to connect citizens, suppliers and financial intermediaries.
In the month of December, one of the issued statements stated that the pilot for the platform has been launched. All the transactions made by the Chilean public institutions are stored in the platform. It is mandatory for all the nodes to approve the process before participating in it.
According to reports, TGR anticipates that a universal database will be established by the government, banks and institutions which will primarily result in getting rid of data discrepancies and will also cut the amount of time spent on payments. The organisation also hopes to reduce operational costs while administering the required level of security for personal data.
The government of Chile has been exploring various areas to implement blockchain technology including sectors like finance and energy. A project was launched in the month of April by Chile’s national energy regulation organisation essentially based on ETH (Ethereum) blockchain with the intention of recording data from the nations energy sector. In the month of October, the local MP’s proposed a suggestion of carrying out RnD on advantages of security and energy solutions based on blockchain technology.