Chile Uses Ethereum to Track Data in the Energy Sector

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Recently the Chilean government reported that they will use the Ethereum blockchain to record energy sector data.

The National Energy Commission, which is part of the Chilean Ministry of Energy, said it would place energy data in the public Ethereum registry in order to “improve their safety, integrity and traceability, and also the belief that this information will be made available to the public.”

The Commission is very concerned that its databases could be hacked and the information stored in them might be manipulated. But the approach of using Ethereum provides an alternative method of data storage, through which information is distributed among a large number of nodes, which helps reduce the danger.

The Commission has already begun moving some data to the blockchain, including information on the installed capacity of electric generators, average market prices, maximum cost, hydrocarbon prices and compliance with laws that require a certain share of electricity production to be from renewable energy sources.

After the completion of the first stage of the project, called Energia Abierta (ie “open energy”), the commission will study the results, and then share them with other companies and government institutions that are part of the energy sector.

“We are interested in taking the concept of technology and finding concrete application for it, but with an understanding of what experts at the world level consider the most disruptive technology of the last decade, and also that over the next few years it can become a part of everyday life” said Susana Jimenez, Chilean Minister of Energy.

It is noteworthy that the Chilean government decided to take advantage of open-ware like Ethereum blockchain. The ministry explains that the through the thorough authentication of data with the help of “hundreds of thousands of servers,” information is more difficult to change, and therefore more secure as it is nearly immune to tampering.

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