Ecommerce & Logistics

Chile Is Using Blockchain To Track Energy Data

Another day, another use for Blockchain. The Chilean government is using the Ethereum Blockchain to keep track of energy records and statistics. The project is called “Energia Abierta”, or “Open Energy”. In a statement made by the National Energy Commission, Chile would use the public Ethereum ledger to “augment levels of security, integrity, traceability and confidence in the information available to the public”.

Governments all over the world are trying to use Blockchain to modernize their government records. India is using it to digitize land records and Russia is using it to develop a secure payments system; even China which has put strict regulations on the trading of bitcoin has backed a Blockchain fund to finance new startups in the country.

The Chilean government has already committed certain information to Blockchain including installed power generation capacity, hydrocarbon prices and market prices etc. Depending on the success rate of this experiment, more sectors of the government will follow suit.

Blockchain allows for information to be stored at multiple nodes simultaneously, all but eliminating the chance of tampering with it. The Chilean government’s move is at once a bid to improve security as well as one to improve transparency in the eyes of the public.

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