The Chilean General Treasury of the Republic (TGR) has introduced a blockchain-based payment processing platform. The platform will focus on streamlining the processes and cut down the costs involved.

The TGR Blockchain project works by creating an automatic quadrature system with multiple nodes that store exactly the same information in real time, in an immutable way. Whenever someone intends to corrupt any data at a node, the other nodes will notice it because the data will not match with that stored in their chain of blocks, thereby rejecting the change.



According to TGR, the platform records tax payments and patent fees that are processed by Chilean public institutions on blockchain after getting approval from the nodes participating in the process. The company is looking forward to having a common database for both government institutions and banks to remove data discrepancies and reduce processing time and operational costs.