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Chile’s Energy Regulator Adopts Blockchain
Chile’s energy regulator, ‘the Comisión Nacional de Energía de Chile’ (CNE) has announced that it will adopt Blockchain Technology. CNE would be the first government institution in the South American continent to adopt Blockchain. As per the Executive Secretary of CNE ‘Andres Romero’, it will use Blockchain technology to authenticate information like marginal costs, average market prices, fuel prices and compliance with renewable energy law. Romero announced that, “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.
“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.”
Romer stated that the move towards blockchain was done to address the concern of data security. He also added 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.
As per the current plan, the Blockchain technology will be adopted in March’18. The secretary assures that as it is very important for the governmental institutions to make public all the data related to the nation, it is very important for institutions to share the information in a way that it cannot be altered nor modified, i.e., features offered by Blockchain technology. As per PV Magazine, CNE will use open energy platform (Energia Abierta) to “certify the quality and certainty of the open data of the national energy sector.”
Other Sectors Using Blockchain
This is not the first time that energy companies have benefited because of Blockchain technology. There are other cases like S&P Global Platts recently announced they would be using deploy 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’.
According to PV magazine, it is not only Blockchain where Chile is betting on. Chile is also active in other areas like Solar Energy. Chile’s total installed solar PV power has reached around 1.829 GW at the end of last year. Likewise, the Chilean Trade Authority has begun to discuss a possible application of blockchain for a voting system in the sector of shareholders’ meetings. in 2017 the Chilean Stock Exchange announced that it would implement blockchain solutions in the stock market with help from IBM.