Countries around the world at one time or the other have been faced with a situation to choose whether to adopt blockchain technology, ignore its inherent virtual or work on regulating the industry. Chile has decided to follow the footsteps of countries like the US, South Korea, Japan, China, and the UK, as it seems to beat these cross-roads now.
Proposal for Blockchain Adoption
Two Chilean parliamentarians namely; Miguel Angel Calisto and Giorgio Jackson have pushed a proposal to the parliament to integrate blockchain technology into government sectors. According to these two, this proposal is targeted at improving the technological advancement especially cyber-security and reduce undue bureaucracy to the barest minimum in government sectors.
One of the proponents, Deputy Calisto, while justifying the proposal, explained that: “With this technology we could also transparently and unalterably track the management and work carried out by the different public agencies, with their indicators and all the figures collected, reducing the possibility that this information is used maliciously with others.” He further stated that “it is the moment that these new technologies that are at the forefront of innovation, are seen as a real option in a Chile that must look to the future and ensure the good of all its citizens.”
The second proponent, Deputy Giorgio Jackson, was quoted saying that;
“Our interest is to begin a debate in which the public services are debited. The truth is that it is a technology that has a very transformative potential, very revolutionary in terms of technology and the ability to decentralize information.”
A Proposal Birthed by Necessity
The advocates of this bill were of the opinion that this proposal is borne out of necessity citing the reports from notaries from the National Economic Prosecutor’s Office. The reports which stated that the technological integration should be done in such a way that it protects and validates sensitive data and ease information sharing as well as maintaining the integrity and confidentiality of data.
Though the consideration of the country was concerning the proper integration and regulation of blockchain and other fintech in the financial sector, the parliamentarians also suggested that the government can initiate research into the blockchain sector, as there are some inherent potentials that can be introduced to other areas of the economy.