Chile is going to use Ethereum’s Blockchain to track energy data

The government of Chile through the National Energy Commission (CNE) has announced that it will be using the ethereum blockchain for its first distributed ledger network. The ministry of Energy announced that it was going to commit data to the public ethereum ledger so as to increase the level of security in the country and also increase public confidence on data and information.

The first teasing process was done in February 2018 where the National Energy Commission said that it was going to integrate market prices, marginal costs and fuel prices with renewable energy got directly from blockchain.

The commission took this kind of approach of approach because databases were being tampered with and hijacked. Ethereum would help in distributing records among some of the large nodes that the system has.

Most plans have already been put in place as to what needs to be done or achieved though the commission has taken steps further and already committed portions of data to blockchain. Other important information to include: information on the installed electricity-generating capacity, marginal costs, compliance with the law and hydro carbon prices.

Due to the fact this is the first study commission by the National Energy Commission; it will study the results and also share their findings with other governmental bodies and companies that would be interested.

“We are interested in taking this technology from a conceptual level to a concrete case, understanding that it’s considered to be the most disruptive technology of the last decade by world-class experts, and that it could part of day-to-day life in the next few years,” said Chile’s energy minister Susana Jimenez.

The challenge the Chile government is facing

Despite the processing steps that the government of Chile is making towards blockchain, it is faced with a number of challenges which include a lack of transparency in their current system. But with the integration of the blockchain technology to its energy sector, the government is certain that it will be able to confirm and ascertain that all the information they provide on open data portal is not altered with.

The National Energy Commission of Chile executive secretary Mr. Andres Romero announced the following:

“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 an unalterable record of its existence.”

How the project will work

The aim of the pilot project is to boost data security issues relating to the energy sector. The trial phase of the project that the National Energy Commission is working on is going to require its employees to take datasets from a platform called Energia Abierta.

The next step of the process is to verify the accuracy of the data and after that the data is hashed and recorded using ethereum’s blockchain. This makes it easier for members of the public to access data through the public GUIs.

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