Bitcoin, Cryptocurrency And Blockchain News

Chile Has Implemented Ethereum Public Blockchain Technology in its Energy Sector Data

To increase the level of security, integrity, traceability and confidence in the public information available


Chile’s CNE to Use Blockchain Technology

Susana Jiménez, the Minister of Energy in Chile, has  announced that from April 5th, 2018, the country’s National Energy Commission (CNE) will start using blockchain technology in its energy sector data with;

the aim of increasing the levels of security, integrity, traceability, and confidence of the public information available, raising the standards that certify the quality and certainty of the data that is published”

read [unofficial translation] the commission’s press release.

Project Energia Abierta to Be Implemented on the Ethereum Public Blockchain

The initiative will be implemented through the information and statistics platform “Energía Abierta [translated as ‘Open Energy’].” Minister Jiménez said that the ministry is interested in downloading this technology from a conceptual level to a specific case, understanding that it is considered by experts worldwide as being the most disruptive technology of the last decade. The Open Energy project would be using the Ethereum public blockchain for the cause. Chile’s energy ministry believes that blockchain technology will be a part of our day to day lives within the next few years.

First Phase

In its initial phase, the project will include information on national electric installed capacity, average market prices, marginal costs, hydrocarbon prices, compliance with the NCRE law, medium-generation electricity generation, the factors of emission and residential generation facilities. The technology will ensure that the above information cannot be modified, adulterated, deleted or hacked.

Next Phase

Once the first phase is successfully implemented and the results documented, lessons learned, challenges dealt with, and impact felt, the ministry intend to extend it to other public or private organizations in the energy sector that would like to be part of this innovation. Besides those named above, other utilities of the blockchain technology highlighted by the ministry that can still be discovered for the energy sector, include signing contracts, backing up economic records, traceability of renewable energies or CO2 emissions.