Chile to use Ethereum Blockchain to Track Energy Data in New Initiative
Announced Thursday, Chile will be using Ethereum’s Blockchain to help the government track energy data and help more effectively record energy sector statistics.
The Minister of Energy, Susana Jimenez, announced that the National Energy Commission (CNE) will to begin to incorporate blockchain technology, with the aim of “increasing the levels of security, integrity, traceability, and confidence of the public information available”. This announcement marks the start of an initiative by the country to make their data more transparent and accessible across the entire energy sector. The program is called “Energia Abierta”.
The commission has been concerned in the past that their databases could be hacked or manipulated easily. They believe they have the answer with blockchain: “we are interested in downloading this technology from a conceptual level to a specific case, understanding that it is considered by experts worldwide as the most disruptive technology of the last decade and that it (blockchain technology) will be part of our day to day within the next few years”. This is a positive endorsement for the technology.
The minister stressed that “public information is an important input for making investment decisions, designing public policies or creating new tools at the service of society, which is why many of our users use this information to decide technical aspects, economic and labor”. By using a more transparent approach to data and data analytics, stakeholders and other investors in the country will have a clearer picture of the information needed to make informed decisions for the future, optimizing the energy sector and driving new growth countrywide.
Chile has already started compiling data, with information on installed electric devices, average market prices, hydrocarbon prices, and factors of emissions, along with much more. The commission maintains that the “information will not be modified, adulterated, deleted or hacked”.
The country seems to be at the forefront of technology innovation in Latin America. They claim they are the first to publicly implement blockchain in a government institution there.