Chile’s national energy commission, Comisión Nacional de Energía de Chile (CNE), has announced the launch of a pilot project that utilizes the Ethereum blockchain to store the nation’s energy sector data.
CNE issued a press release on 5 April detailing the benefits of using the decentralized system, as opposed to what is described as an ”easy to manipulate” standard security database. The Ethereum blockchain is a peer-to-peer network, considered superior to more vulnerable alternatives that require a central facilitator.
The energy data will initially be stored on Energía Abierta, a database that is reported to administer across hundreds of thousands of servers. This provides the public with real-time access to the information stored. The energy data will be subject to a stringent verification process before it is then transferred to the Ethereum blockchain by CNE employees.
The data stored on the blockchain is designed to be accessible to the public through one of several graphical user interfaces.
Chile’s minister of energy, Susana Jiménez, recently noted the crucial nature of public disclosure of energy data, stating that it increases confidence in the government from citizens as well as from stakeholders. She acknowledged that public information is a key feature required to make ”investment decisions, designing public policies or creating new tools at the service of society”.
CNE first revealed plans for the project in February of this year, citing the primary reasons behind the move being to improve data security, accuracy, transparency and accessibility.
The news from CNE follows the recent threat of bank suspension against Buda.com and CryptoMKT. The two cryptocurrency trading platforms registered in Chile faced the suspension because of their digital currency holdings. Initial coverage of the event noted that the move was at odds with the country’s generally liberal economic policies.