The energy regulatory agency of Chile is planning to use the blockchain technology in order to control the National Grid. More and more countries are utilizing the power of blockchain technology. The latest to join the list is Chile.
The energy regulator that is CNE, will authenticate various parameters with the help of blockchain technology. The average market price, as well as the cost of fuels and also the compatibility with the renewable energy rules and regulations, will be verified with the help of blockchain technology. According to the secretary of the regulatory authority, Andres Romero, the blockchain technology will provide data security.
According to him, it will be easier to verify the information with the help of blockchain technology. This will ensure that data verification is done in a shorter period of time.
Moreover, there will be no manipulation with the data. This ensures that the agency will be able to easily authenticate the data quickly as well. This also means that all the stakeholders will be able to learn better when it comes to energy needs of the country. According to the regulator, the blockchain-based platform can be implemented by March of this year.
Increasing use of Blockchain technology:
Many sectors, as well as companies all over the world, are using blockchain technology in order to innovate in their respective fields. A news in the same domain was that you UAE plans to use the blockchain technology in order to report oil findings as well as production.
On the other hand, WePower is trying to incorporate blockchain technology in order to track the consumption of energy. It is creating smart meters which will help track the energy consumption. The meters will be using the Ethereum-based platform. Also, the consumers will be directly connected with the renewable energy sources. This ensures that the wastage of power will be on the lower side. With the help of proper tracking, the power generating companies will be able to predict the demand for power in a much better way. When that happens, there will be no power disruptions at all.
All over the world, the demand for blockchain technology is increasing. The reason for this is that the solutions with respect to blockchain technology are plenty. This is the number 1 reason why more and more companies are trying to use the blockchain technology. With the help of blockchain technology, they will be able to certainly save on costs and track their products and services in a much better way.