Blockchain

Treasury Department of Chile Turns to Blockchain to Manage Their Operations

Treasury Department of Chile

The General Treasury of the Republic of Chile which manages the tax collection in the South American nation has announced their decision to launch a blockchain project to modernize its processes and enhance the path of the nation’s digital transformation. This, they claim, will allow them to streamline its processes and achieve more closeness with people.

This technological project is proposed as a solution to the problem of communication between its suppliers (municipalities, institutions, etc.) and the means of payment (banks). This meant that at the end of the month the transactions were not completely accurate between these three entities as many information was lost along the way.

For example, when a citizen pays his taxes, that money goes from the bank to the municipality, in which case the TGR is a mere observer of this flow of money. But at the end of the month, they have to balance the boxes of the bank, the Treasury and the Municipality and sometimes there are small discrepancies.

The TGR Blockchain project consists of generating an automatic quadrature system that allows having a system of multiple nodes that contain the same information, in an incorruptible way and in real time. Each time a transaction is made, it is stored in a block together with the transaction information and the information of the previous document’s address, generating a chain of blocks (Blockchain). These blocks are transmitted to all the nodes that are participating, having the same information unalterably. If someone tries to modify a block, the other nodes will notice this change because they do not match the information they have in their chain of blocks, rejecting the operation.

In summary, this project will allow the Treasury to have an automatic, reliable, transparent and secure quadrature among all entities, minimizing information lost in each transaction.

“The Digital Transformation is an enormous opportunity that the General Treasury of the Republic has, for our role, our mission and for the quality of service that we have to deliver to our taxpaying users and our officials. Nowadays the Digital Transformation will allow us to be much more efficient, more effective, to have greater proximity to our taxpayers and thus also to our own users. We will be able to give a better service. Technology is present and must be used, but this will imply that we have to manage changes, break paradigms. The Digital Government team is supporting us on that, we have four projects, starting with blockchain, which will allow us traceability to all operations, security of information” said TGR Treasurer, Ximena Hernández.

“The digitalization of these processes is an important challenge for TGR, in the context of the modernization and innovation that we are promoting in our functions,” he concluded.

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