Chilean National Energy Commission (CNE) says it will begin to use Blockchain technology in its national grid system. This is the government’s first move toward using this type of system to track its digital movements.
The CNE, the state's energy regulatory commission, will employ Blockchain technologies to verify all input and output regarding marginal costs, average market prices, fuel prices, and compliance with national energy laws.
Blockchain will also ease agency audits, increase transparency, protect its data from security breaches and hopefully decrease corruption.
The new system will be put in place later this month.
Andres Romero, CNE executive secretary of the CNE says in a press release, "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 announced.
Romero and the CNE are hoping that the use of blockchain will increase public trust in the agency, and boost investor and public confidence.
Blockchain creates an open access ledger of all transactions made by a system without any modifications.
Chile along with Venezuela are some of the first Latin American countries that have started using blockchain solutions.
Last year Chilean Stock Exchange made a deal with IBM to implement blockchain solutions and the Chilean Trade Authority has started discussing its use in its voting system.