Chile is turning towards the Ethereum-based project for recording data for its energy sector. An announcement to this effect came from none other than the country’s regulator for energy, Comision Nacional de Energia de Chile (CNE). The project would undoubtedly revolve around the Blockchain technology, which is gaining more traction among the global community despite having pessimism on the cryptocurrency. That was primarily because of the decentralized distributed ledger offering security to the users.
Security and Accuracy
It was on February 27 that CNE talked about the pilot project for the first time. The agency was hoping to offer a number of features with the adoption of Ethereum Blockchain network. This included security, transparency, accuracy, and accessibility. The latest technology was the most disruptive one in the last decade gaining traction among different communities. In a tweet, Chile’s energy agency indicated that the move would pioneer Blockchain implementation in Latin America, cointelegraph.com reported.
With the help of new age technology, CNE is hoping to create a record system that would have a number of stages. This was the main objective of the trial project. The move is also in contrast to establishing a centralized database since it is exposed to attacks from man-in-the-middle or “easy to manipulate.” Therefore, CNE will first store the data on either Open Energy database or Energia Abierta that was distributed among hundreds of thousands of servers. This is expected to offer public access information on a real-time basis.
Transfer of Data
Following this, its employees would take care of transferring data to the Ethereum Blockchain network from open energy system. The staff would also verify the generated data before putting them on the Ethereum network. The agency thinks that this initiative will reduce the option of wrong data being put into it due to human error or the open energy platform. Another key factor is that public would be given the access to the data written on the Blockchain through one of the numbers of graphical user interfaces.
Reacting to the developments, Chile’s energy minister, Susana Jimenez stated, “Public information is an important input for making investment decisions, designing public policies or creating new tools at the service of society, which is why many of our users use this information to decide technical, economic, and labor aspects. That is why, by using [Blockchain] technology, we will raise the levels of trust of our stakeholders, investors, and citizens in general who use the data delivered.”
Confidence Boosting Measures
The energy minister also indicated that the country’s latest move is aimed at boosting confidence among the citizens, as well as, stakeholders. He believes that it was an extremely important factor that public access information from Ethereum Blockchain.
Though Blockchain technology is used for mining cryptocurrency, its importance in the digital transactions is felt by increasing number of projects focused on it. This is a new age technology and is bound to get wider attraction as it progresses in different sectors. While some of the countries were forthright in discouraging virtual currencies, they are keen on using the technology behind it. Chile’s pilot project could set an example for other countries to emulate.