Chile is looking into blockchain technology as tech experts gathered in Santiago, Chile for an open learning session on blockchain. In attendance was Marco Alarcón, chief Blockchain architect at the Santiago Stock Exchange. Alarcón is working with IBM to implement a private blockchain to manage the trading of information at the stock exchange between securities lenders, banks, regulators and institutional clients. It is expected to reduce the time it takes to do back-office processes by 40%.
Alarcón said: “It’s a very exciting project for Chile. I see blockchain as an enabler of new opportunities and new businesses. I think it is a very good initiative that Allianz is exploring blockchain and other new technologies to know what the real potential these kinds of technologies have,”