The blockchain technology has many use cases of which energy is one; whence, an implementation of the blockchain technology within the energy sector is now taking place in Chile, that thin outstanding sliver of the western coast of South America.
The Chilean National Energy Commission (CNE) will indeed become the country’s first public entity to adopt such technology, available for use in March 2018.
Howsoever, it’s no wonder that a country like Chile takes such revolutionary initiatives, being the future technology hub of Latin America and having a dynamic economy that has grown by 5.5% every year from 1985 to 2009, this helped Chile become the most competitive economy in Latin America with the highest ranked institutions, infrastructure, macroeconomic environment, market efficiency, and correct technology array.
In fact, the CNE will be applying the 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 incentives behind this move carried out by the CNE are mainly the existing concerns for data security as claims the outfits 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”.
In other words, this initiative will enable the Chilean people to have access to a certified quality and certainty of the open data of the national energy sector.
Up today ,the blockchain technology is making significant progress in tackling all industries and spheres of life, Hopefully, such insightful projects will become mainstream as the technology gains wider public adoption and likelihood.