The Chilean energy regulatory agency, the Comisión Nacional de Energía de Chile (CNE), has announced that it will implement Blockchain technology in the national energy grid, reports trade publication pv magazine on Feb. 27.

The CNE will use the Blockchain to authenticate information like marginal costs, average market prices, fuel prices, and compliance with renewable energy law. The CNE executive secretary  Andrés Romero stated that the move toward blockchain was done out of concern for data security.

“The National Energy Commission has decided to join this innovative technology and we have decided to use blockchain as a digital notary, which 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,” says Romero.

Romero added that the technology will increase trust in the data provided by the regulatory agency, boosting the confidence of investors, stakeholders, and the public at large. Chile plans to implement the technology in March, 2018.

Blockchain technology has proved a boon for energy companies in regulators in various sectors of the industry. S&P Global Platts recently announced they would be using deploy its own Blockchain solution for reporting information on oil in the UAE.

The WePower project has employed Blockchain solutions to integrating metering data with grid operations and advanced analytics in a effort to build ‘smart metering’. This Ethereum-based platform allows consumers to connect directly to renewable energy sources for their power.