Chile’s National Energy Commission Is All Set To Use Blockchain
Chile’s CNE, energy regulator announced use of blockchain technology for energy sector. The National Energy Commission of Chile has and confirmed its partnership with Energía Alberta- an open energy platform, to corroborate the quality of open data of the country’s national energy sector. The executive secretary of the Comisión Nacional da Energiá, Andrés Romero has established that the first of its kind initiative by the regulatory entity will roll out the use of blockchain technology from March. One of the objectives for using blockchain technology is to keep a check on how the energy data is acting in accordance with the renewable energy law of the country.
The National Energy Commission (Comisión Nacional de Energía) is all set to become the country’s first public entity to utilise the blockchain technology. The commission will begin to substantiate information regarding the marginal costs, market prices, fuel prices on the blockchain in addition to the compliance with the country’s renewable energy law. The purpose of the blockchain technology will be to secure and safeguard the energy data published on the network. The blockchain secures the information as multiple systems record the data received and there is no scope for data manipulation or other fraudulent records. Blockchain technology will make sure that no alterations are made to the original data form without the consent of the responsible authorities involved in the process.
Andrés Romero further added that ”The National Energy Commission has decided in favour of the blockchain technology and the technology will be used as a digital notary, allowing the CNE to certify that the information provided on the portal is not altered as public information is the most critical input considered for decisions when it comes to investments. This information is also used by users to examine and decide on aspects like that of labour, economic as well as technical. The blockchain technology will assist in raising the trust level of all the stakeholders including the general public.”
Last year Chile’s Stock exchange teams, the Santiago Stock exchange, has also partnered with IBM to build the security lending system on a blockchain network. The aim is to accelerate back office speed by forty percent. The technology will also help banks, stock exchanges and other partners to exchange information. Chile has been an active participant to observe and shaft the blockchain technology with National energy commission now an initiator from public entity sectors. The country looks at the possibilities that the technology will open up and is trying to make the best out of it.