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Payments General

Chilean Treasury launches blockchain platform to process payments

Friday 4 January 2019 | 01:45 PM CET

The Chilean General Treasury of the Republic (TGR), which oversees tax collection in the country, has launched a blockchain platform to process payments.

TGR, a subsidiary institution of the Ministry of Finance, reportedly first met with the Digital Government Division of the Ministry General Secretariat of the Presidency of Chile to discuss the pilot in October 2018. At that time, officials announced they would create a blockchain platform to connect citizens, financial intermediaries and suppliers.

The pilot for the platform has now been launched. The platform stores transactions that are processed by Chilean public institutions, such as tax payments or patent fees, on blockchain. Before recording the transaction, all nodes participating in the process are obliged to approve it.

TGR reports that it hopes a common database used both by government, institutions and banks will help to eliminate data discrepancies, reduce time spent on payments, as well as cut operational costs, while providing the necessary level of security for personal data.

The Chilean government is exploring blockchain in several areas, including the energy and finance sectors.

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