Chilean Treasury releases Blockchain Platform to process public payments

The Chilean General Treasury of the Republic (TGR), that manages taxation set in the nation, has established a blockchain platform to process payments, according to a press release reported on Dec. 19.

TGR, a prosperous institution under the Ministry of Finance allegedly first met together with the Digital Government Division of the Ministry General Secretariat of the Presidency of Chile to Go over the pilot in October 2018. At that moment, officials announced they’d make a blockchain platform to link taxpayers, fiscal intermediaries, and providers.

According to the December announcement, the pilot to the stage has been established. The platform shops transactions which are processed by midsize public associations — such tax obligations or patent prices — on the blockchain. Before documenting the trade, all nodes engaging in the procedure are obliged to accept it.

Also Read: Irish Govt approves Anti-Money laundering bill affecting cryptocurrency

TGR reports that it expects a frequent database utilized both by authorities, banks and institutions can help eliminate data postings, decrease time spent on obligations, in addition, to cut operational expenses, while providing the essential degree of protection for private data.

The government is researching blockchain in many locations, for example, power and finance industries. Back in April, Chile’s federal energy regulation firm declared the launching of a job depending on the Ethereum (ETH) blockchain to capture data in the country’s energy industry.

The Chilean Parliament is currently analyzing a bill on blockchain adoption which was introduced by local MPs in October. The proposition indicates carrying out research on the benefits of blockchain-based energy and security options.

Source