Ethereum’s Blockchain to be used by Chile to Track Energy Sector Statistics

Nishanth Shetty

April 10, 2018 3:03 pm

Ethereum's Blockchain to be used by Chile to Track energy sector statistics | Coindelite News
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Energy Data to be Tracked using Ethereum’s Blockchain technology in Chile

Chile government announced that the country wants to use Ethereum’s blockchain for recording the energy sector statistics.

The National Energy Commission said:

“We would commit data to the public Ethereum ledger to augment levels of security, integrity, traceability, and confidence in the information available to the public.”

The commission is specifically concerned that its database could be hacked and manipulated. The Ethereum-based method represents an alternative method which can be used for data storage, distributing records between a large number of nodes helps to ease that concern.

The commission has already started committing few data for the blockchain, including information about installed electricity-generating capacity, average market prices, marginal costs, hydrocarbon prices and compliance with laws requiring that renewables account for a particular share of electricity generation.

After the first stage of the project, known as “Energia Abierta” or “Open Energy,” the commission will be studying the outcomes and share them with other firms and governments in the sector.

Susana Jimenez, Chile’s energy minister, said:

“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 be part of day-to-day life in the next few years.”

The commission’s decision for using an open blockchain such as Ethereum as exposed to a so-called permission network stands out. The statement described that having hundreds of thousands of servers verifying the data makes it more trustworthy and difficult to change.