Chile’s Power System Will Use the Blockchain Technology

Chile’s energy system is waiting for global changes, as announced by the Chilean National Energy Commission (CNEC). Now the Chilean energy system will work using the blockchain technology, the newspaper pv magazine reports.

CNEC will use Blockchain to authenticate information, such as marginal costs, average market prices, fuel prices and compliance with the renewable energy law. CNEC Executive Secretary Andres Romero said that the transition to blockchain was made because of concern about the security of the data.

“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,” Romero says.

Romero added that the technology will increase confidence in the data provided by the regulatory body, increasing the confidence of investors, stakeholders and the general public. Chile plans to introduce the technology this month.

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