Chilean Energy Commission to Adopt Blockchain Technology

Bitcoin and other cryptocurrencies use are a common example of the use of blockchain technology. Ledger Nano S and physical Bitcoin, November 30, 2017 / Marco Verch / Flickr

The Comisíon Nacional de Energía de Chile (CNE) will soon use blockchain technology in order to better control and authenticate information, according to The Santiago Times.

Andrés Romero, Executive Secretary of the CNE, said the switch to blockchain technology “will allow us to certify that the information we provide in the open data portal has not been altered or modified and left unalterable record of its existence.” This is because a blockchain is a digital, decentralized record of all transactions with each computer connected to the network automatically receiving a copy of the blockchain.

“Chile is one of the countries in Latin America that has made riskier and faster bets for the incorporation of blockchain solutions in government services; measures that make it the continental vanguard of the adoption of technology,” the article explains. “For example, in 2017 the Chilean Stock Exchange announced that it would implement blockchain solutions in the stock market in the hands of IBM; historical event that made Chile the first country in Latin America to make an alliance of this kind.”

Blockchain and anti-corruption efforts

Transparency International explained the benefits and perils of blockchain technology in the fight against corruption in a recent blog post.

“As of now, blockchain is not typically used as a specific anti-corruption tool, but the permanence of data recorded in blockchains makes it resilient to manipulation for fraudulent purposes.”

Transparency International points out several areas that could benefit from incorporating blockchain technology as a way to prevent fraud and corruption, including contracting, land registration, and voting.

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