Chile Will Make Use of Blockchain Technology for National Energy Grid

Chile’s energy regulatory agency, Comison Nacional de Energia de Chile (CNE) has said that it will make use of blockchain technology in the South American nation’s energy grid; this is as reported by trade publication pv magazine on the 27th of February.

The CNE will be making use of blockchain technology to authenticate information that pertains to components such as marginal costs, fuel prices, average market prices and compliance with renewable energy law. The motivation for this move by the CNE is as a result of concerns for data security and this has been reiterated by the outfit’s executive secretary, Mr. Andres Romero;

“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 existence”

He further adds that the technology will improve trust with customers and consumers in the data provided by the commission. He believes that it will help boost the confidence of investors, stakeholders and the general public. The nation of Chile will be implementing this in the month of March, 2018.

Blockchain technology has many use cases of which energy is one. S&P Global Platts recently made an announcement that it will be making use of blockchain in its reportage on oil in the UAE.

Blockchain project WePower is employing the decentralized technology to integrate metering data with grid operations and advanced analytics in an effort to build smart metering that can be trusted by all parties. WePower specifically employs Ethereum blockchain technology to directly connect consumers to renewable energy sources to power their homes and offices.

The use cases for blockchain technology transcend industries and various spheres of life and more of such remarkable projects will become mainstream as the technology gains wider public adoption.

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