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Blockchain technology to play a major role in Chilean Energy Management

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March 4, 2018 | 

Joanna Newman |  0 Comments| 

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The cryptocurrencies craze that occurred in 2017 allowed the Blockchain technology to be more widely known, and many people saw its various potential. Among these people, we can mention the Chilean committee of energy, the CNE, as they intend to implement the blockchain in their energy grid.

The blockchain will handle the circulation of energy-related data


In every information network, it is essential to ensure that the data will circulate as fast as possible, and they also need to be highly reliable. Blockchain appears to be able to provide all of these conditions, and that’s why Chile decided to use it to stock and store information related to the energy consumption of its people. All of the information stored on the blockchain is available for use for anyone who needs them, and they also can’t be altered by any means, and can thus be relied on.

Among the information to be stored on a blockchain, we can mention marginal costs, but also various prices, such as those used by various companies for the same type of energy. The fuel of price is also investigated by the CNE, as it doesn’t focus its effort on electricity only. Since it is an occasion to collect various data related to the way the Chilean people are using energy, the CNE saw it as an opportunity to check the national level of compliance to the new law that is related to green energy.


The information would be more trustworthy


It’s important for this kind of information to be reliable; indeed, if investors can’t trust the data they receive, it might be hard for them to be willing to put money into energy-related project in Chile. It’s one of CNE’s executive secretary Andrés Romero biggest concerns, as he qualifies the blockchain as a “digital notary”, since it can be a solid guarantee of the veracity of every information stored upon it. Thanks to the blockchain, there would be less corruption of fraud in the world of Chilean energy management.

A gain of trust would be the largest benefit that Chile could earn. For example, its people would trust that the government is doing its job well, because of such effort to bring more transparency and to get rid of official data falsification issues. Investors would trust them as well, as investing in a country is less risky when the truthiness of the information given to them is insured.


Other energy companies worldwide are following the lead


Using blockchain in professional domains has become an international race, and we keep on hearing about companies who implement this technology on their activity. The energy-specialized businesses are more and more interested by it, and by its efficiency to allow the safe circulation of data.

Some such as WePower use blockchain to promote the use of green energy among people, by playing the role of intermediary between clean electricity producers and their potential customers. In UAE, the oil industry also shows interest toward blockchain, and giants such as S&P Global Platts have projects related to this technology.

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