A blockchain platform for processing payment data was launched by the General Treasury of the Republic of Chile (TGR), which oversees the payment of taxes and other fees in the country. The solution, operating in pilot mode, is designed to eliminate problems and discrepancies between institutions receiving government payments, financial intermediaries and citizens. The platform stores transactions processed by Chilean government agencies, such as tax payments or patent fees, on the blockchain. Before a transaction is recorded, all nodes involved in the process are required to approve it.
The TGR expects that the shared database used by the agency, institutions and banks will help eliminate data discrepancies, reduce the time spent on payments, and also cut operating costs while ensuring the necessary level of security for personal data. As a reminder, in April Chile's National Energy Commission launched a project to use the Ethereum blockchain to store the sector's statistical data.
