Chile’s National Energy Commission (CNE) has announced that it will be utilising the Ethereum blockchain for the nation’s first distributed ledger project. The commission confirmed the plan on April 5th, after first announcing it in February 2018.
The CNE will look to authenticate a range of energy data, such as average market prices, marginal costs, fuel prices and renewable energy law compliance data. The hope is that blockchain technology will improve the security of the country’s data energy.
The problem of data energy storage is currently a concern of a number of countries. Huge, complicated systems that currently rely on lots of intermediaries tend to rack up transaction costs and accounting errors ranging from mistakes to fraud.
Another problem that the CNE is looking to address is the lack of transparency in the current system. The use of blockchain will mean that the regulator can insure the integrity of the data. CNE executive secretary Andres Romero said:
“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 its existence.”
The CNE also hopes that increase trust in the system at all levels. Romero said that “public information is an important input for the decision making of investments and energy projects and many of our users use this information to decide technical, economic and labor aspects.
“That is why, through the use of this technology, we will raise the levels of trust of our stakeholders, investors and the general public.”
The scheme will involve CNE employees moving existing datasets from the currently used Energia Abierta (‘open energy’) energy platform. Once the data has been verified it will be hashed and stored on the Ethereum blockchain. The data will still be available to the public through public GUIs.