Share This Post

Blockchain / Breaking News / Crypto.IQ / Ethereum

Chile Will Use Ethereum Blockchain Network To Monitor Energy Data

With an announcement made on Thursday the 5th of April, the government of Chile has stated that it will be making use of Ethereum’s blockchain network in order to record the data from the country’s energy sector. The Chilean National Energy Commission made this announcement saying that it had launched the South American nation’s first ever blockchain project. This energy data tracking project using Ethereum blockchain network was originally being slated to be started off in February this year. Regardless, the project has come into existence later rather than sooner. With the project, the CNE wants to integrate the costs of fuel expenditure, the marginal costs being taken on, the average market prices, and also the compliance which they require for the renewable energy law according to the Chilean constitution – all on to the blockchain network.

This announcement was made in light of the fact that the Chilean government has long wanted to secure the data from its energy sector, but like many other countries, it had been facing difficulties in doing so. There are always discrepancies to be found in their current system, mainly because more often than not, data is recorded incorrectly.

The Transparency Issue

One of the most pertinent problems other than the incorrect recording of data in the current system is the lack of transparency, which allows for this to be possible. With the advent of blockchain technology taking the helm, data recording will be done in a proper manner with each entry certified. The data entry record will then be completely immutable once it’s been done. The aspect of transparency and immutability is one of the biggest selling points when it comes to the utility of blockchain technology and curbing questionable mistakes being made in data entry can easily be done using it.

How The CNE Blockchain Network Project Is Aiming To Work

This is the first project of its kind in Chile and it is aiming to improve the accuracy of recorded data and introduce transparency to the system to ensure immutable data entry in the country’s energy sector’s data recording.

CNE employees will be required to take data, which already exists on their current platform called Energia Albera to verify it. Once the existing data from the current data records has been verified, it will be recorded by making use of the Ethereum blockchain network. What this will essentially do is store data, which is not only immutable once it has been added, but the public will also be able to view this data from the user interfaces made for the public.

Fingers Are Crossed

Of course, the fact of the matter is that even with Chile introducing immutable data recording on the Ethereum blockchain network, the human element is still there when it comes to ‘errors’ being made. As there will be a level of transparency by way of Ethereum blockchain network, there will be an added layer of security for the energy sector’s data recording in Chile. Data manipulation and any hacks can be dealt with more effectively. Although it still remains to be seen whether the Chilean government will be implementing the use of blockchain technology in other areas, the technology surely will prove to be useful in the energy sector for data recording.

Charlie Shrem is a Bitcoin pioneer, a social economist and digital currency trader. His work in this field is legendary. In 2011, at the dawn of the crypto era, he founded BitInstant, the first and largest Bitcoin company. In 2013, he founded the Bitcoin Foundation and serve as its vice chairman. Since then, Charlie has advised more than a dozen digital currency companies, launched and managed numerous partnerships between crypto and non-crypto companies, and is the go-to guy for some of the world’s wealthiest entrepreneurs. In short, he is the ultimate insider at the epicenter of the crypto universe.

Crypto.IQ is a premier advisory firm providing expert research, education and advice in the world of cryptoassets. The company is unique in that it combines the unparalleled expertise of crypto pioneer Charlie Shrem with the unparalleled market knowledge of three Wall Street experts with more than a century of combined financial industry experience. Together, they have managed and traded more than $1 billion in assets. In a world of “instant experts,” who have little knowledge or trading experience, the Crypto.IQ team offers the proven depth, insight and knowledge to help their clients achieve success.

Raise your Crypto.IQ…and profit! Crypto.IQ gives you the insider knowledge you need to succeed as a cryptocurrency investor.

Get Started Now

Sources*

Image Reference


Share This Post