The General Treasury of Republic of Chile Officially Operating on Blockchain

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The General Treasury of Republic of Chile Officially Operating on Blockchain

Appointed to control tax collection, the General Treasury of Republic of Chile represents an institution under the Ministry of Finance that most recently announced the launch of a blockchain platform with the goal of processing payments.

The platform is already in use since the official launch on December 19th, demonstrating another blockchain technology use case made to enable more efficient operations in government sectors.

Despite the fact that certain banks in Chile decided to close accounts of cryptocurrency exchanges in the series of events overlooked by the Supreme Court of Chile and the Chilean AML court known as TDLC, blockchain development appears not to be suffering in a way cryptocurrency sector is.

Blockchain Technology Arrives in a Government Sector in Chile

According to the institution under the Ministry of Finance, General Treasury of Chile first mentioned the blockchain based platform back in October 2018 when the representatives of the institution met the Digital Government Division operating under the Ministry General Secretariat of the Presidency in Chile.

At the time, the representatives of the General Treasury mentioned that the main objective of the blockchain project is to connect financial mediators and suppliers with citizens of Chile, while they discussed the pilot of the platform with the Digital Government Division.

Only two months later, in December, the pilot was launched, which means that the blockchain p0latform is already keeping records of transactions related to patent fees and taxes.

General Treasury hopes that through blockchain-based records, TGR will be able to work on the same database platform with other government institutions and banks, thus emphasizing that all operations should be made faster, also cutting the time taken for processing payments.

Moreover, blockchain-based platform utilized by TGR should reduce general costs of operations on the network.

However, perhaps one of the most significant perks of the launched platform is enhanced security that comes hand in hand with blockchain encryptions.

The Government of Chile Studying Blockchain for Several Sectors

Alongside General Treasury of Republic of Chile, Chilean government is exploring blockchain for integrations across several sectors, which includes finance and energy.

Even before the ini9tial announcement of the pilot platform for TGR, back in April, the National Energy Regulation Organization of Chile announced that they are launching a blockchain-based project that will be hosted on Ethereum platform (ETH).

The goal of the project is to efficiently and cost-effectively record data from energy sector.

Additionally, the Parliament of Chile is looking into a bill focused on blockchain adoption, as proposed by several member of the Parliament back in October 2018, examining blockchain security and solutions focused on energy. 

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