Andrés Romero, the executive secretary of the National Energy Commission of Chile, announced that the regulatory entity would initiate to practice the Blockchain technology from March. It is the country’s first public entity to embrace such technology.

It adopts blockchain technology to authenticate information like minimal costs, reasonable market prices, fuel prices. Therefore, also compliance with renewable energy law. Andrés Romero stated that embracement of blockchain technology was preparing out of concern for data security.

Andrés Romero said

“The National Energy Commission has decided to join this innovative technology, and we have decided to use blockchain as a digital notary. It will allow us to certify that the information we provide in the open data portal. However, it has not been altering or modifying and left an unalterable record of its existence.”

He again added that the technology would amplify faith in the data offered by the regulatory agency. Therefore, enhancing the assurance of stakeholders, investors, and the public. Also, this technology ensures that no modifications are made to the original information. Thus, without the consent of the authorities involved in the process.

Blockchain technology has attested a boon of energy companies in regulators in different industry sectors. S&P Global Platts recently released they would be implementing its Blockchain technology for providing facts on oil in the UAE.