bitcoin Bitcoin
ethereum Ethereum
polkadot Polkadot
ripple XRP
Show details
Chilean Energy Minister Unveils Blockchain-based Pilot for Energy Data

Chilean Energy Minister Unveils Blockchain-based Pilot for Energy Data

Reading Time: 2 minutes by on April 9, 2018 Blockchain, Ethereum, News, Tech
Follow by Email

Chile has joined the league of nations implementing the technology behind bitcoin to solve diverse administrative issues. A number of countries around the world have already created pilot initiatives that rely on blockchain technology to tackle issues like land registries and energy management.

Ensuring Data Fidelity in the Energy Sector

The pilot blockchain project will create a decentralized database thus making it immune to manipulation and man-in-the-middle attacks. These details were revealed via a press release from the Commission on April 5, 2018.

This open energy database will be distributed across servers numbering in the hundreds of thousands providing public access to information updated in real-time. Once data has been verified, it is then transferred from the open energy database to the Ethereum blockchain.

It is expected that such a framework will minimize the occurrence of human error in the collation and storage of data. The information pertaining to the country’s energy sector stored on the blockchain will be made available to the public using specialized graphic user interfaces (GUIs).

Commenting on the pilot project, Susana Jiménez, the country’s Minister of Energy, declared that the availability of the information to the public was a vital part of ensuring the perception of transparency.

Jiménez said that it was necessary for the citizens of Chile to have full confidence in the project and the lofty goals that it hopes to achieve. The minister also stated her belief that citizens and other stakeholders will put the information to good use in areas ranging from the economic to the technical, and even labor considerations.

Pioneering Blockchain Implementation in Latin America

Blockchain, with its distributed ledger framework, has been described by many experts across diverse fields as having the potential to disrupt and improve processes across different industries.

To this end, governments, corporate entities, research institutes, entrepreneurs, and many other stakeholders, are employing a vast amount of resources in developing blockchain-based solutions.

In February 2018, the Chilean National Energy Commission, the Comisión Nacional de Energía de Chile (CNE), unveiled plans to implement the innovation in the country’s energy sector. This announcement was made via a tweet that was posted by the Commission on February 27, 2018.

According to the Commission, the initiative is an essential step towards establishing the country as a pioneer of blockchain implementation in Latin America. Regarding blockchain’s title as the most disruptive technology of the last few years, the Commission stated that it was necessary to make sure that the country wasn’t left behind as far as the technology is concerned.

In another official statement by the CNE in March 2018, the Commission shed more light on how exactly it planned to integrate the technology in the country’s energy sector. The plans revolve around decentralizing information collection and flow, thus improving the transparency in the industry.

Commenting on the plan last month, the executive secretary of the CNE, Andrés Romero, declared that blockchain technology was being used as a digital notary framework to certify information within the sector.

Like BTCMANAGER? Send us a tip!
Our Bitcoin Address: 3AbQrAyRsdM5NX5BQh8qWYePEpGjCYLCy4
Join our telegram channel