Chilean network authorities want to use Blockchain software to control the nationwide power grid. This was announced by the responsible Energy Commission of the country (CNE) last week on its website. Main aim of the amendment is to boost investor confidence in domestic power grids. The country’s growing economy has the largest energy needs in South America, but it needs the support of external financiers.
It is the first attempt by Chile’s public authorities to implement Blockchain and it is at the heart of the domestic economy. Last week, the Comisión Nacional de Energía announced plans to use Blockchain technology to control national power grids in the future. The CNE is subordinate to the Ministry of Energy and responsible for the technical design and transmission quality of the power grid.
From this month, all costs, electricity market and gasoline prices in the country with the largest north-south expansion worldwide will be checked using Blockchain software. The Energy Commission also wants to keep compliance with Chilean energy laws and thus environmental protection in constant alignment, the press release said.
“National Energy Commission has made the decision to join the innovative technology and use Blockchain as a digital notary. This allows us to ensure that they are not modified or modified in relation to the information we provide in our Open Data Portal “,
said the Executive Secretary Andreas Romero in the press release.
Chilean people love the use of Blockchain to strengthen the trust in the power supply. On the other hand, it should serve as a back up for investors in the first place.
Secure power grid for growing economy, exploding energy needs
In the eyes of the government, such as insurance policy requires external investment, as can be glimpsed in the economy. For example, Chilean energy sector faced enormous challenges in terms of security of supply in recent years. Because with the strong economic growth of the country, also energy demand grows enormously. Experts predict that demand for electricity, gas and oil will double by 2020.
Overall, Chile is already country with the highest energy costs in South America. For the export-oriented economy this is a major competitive hurdle compared to cheaper producing neighbors.
Experts therefore continue to believe that maintaining trust with foreign investors will be crucial to economic growth. This is where the power grid implementation of the CNE seems to start.
While the Blockchain in the book of the Chilean authorities is still new territory, there are already in the private sector of the country first attempts of technology use. For example, since last year, the country’s stock exchange, Depósito Central de Valores, has participated in the IBM-led CSD Working Group. It has set itself the goal of developing distributed ledger technologies for shareholder.
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