Chile Implements Blockchain Technology For It's Energy Sector
In the last few weeks we have seen numerous countries announce blockchain integration into their markets such as of course Venezuela, Iran and Marshall Islands. The latest country to be joining this snow ball effect of governmental blockchain adoption is Chile.
Last week the Chilean energy regulatory agency, the Comosión Nacional de Chile (CNE), has announced that is will implement Blockchain technology in the national energy grid.
The CNE will be implementing Blockchain to authenticate information such as marginal costs, average market prices, fuel prices, and compliance with renewable energy law. The CNE executive secretary Andés Romeo stated that the move toward blockchain was done out of concern for data security.
“The National Energy Commission has decided to join this innovative technology and we have decided to use blockchain as a digital notary, which will allow us to certify that the information we provide in the open data portal has not been altered or modified and left unalterable record of its existence,” says Romero.
In addition Romero stated that the technology will increase trust in the data provided by the regulatory agency, boosting the confidence of investors, stakeholders, and the public at large. The plan is to implement this technology in March 2018.
Blockchain technology has proved a boon for energy companies in regulators in various sectors of the industry. S&P Global Platts recently announced they would be deploying its own Blockchain solution for reporting information on oil in the UAE.
The WePower project has employed Blockchain solutions to integrating metering data with grid operations and advanced analytics in a effort to build ‘smart metering’. This Ethereum-based platform allow consumers to connect directly to renewable energy sources for their power.
Source: Aaron Wood, Cointelegraph