Blockchain has come to revolutionize industries in ways never thought of before, so great is its potential. The latest news comes to us from Argentina, where it was announced that thanks to a collaboration of IOV Labs and Gasnor, Argentina’s natural gas ecosystem will incorporate Blockchain technology in the future.
The idea is to improve transparency, information management and efficiency. The Blockchain pilot for “Gasnet” is powered by smart RSK contracts and second-tier RIF solutions.
What have regulators said about using Blockchain for gas in Argentina?
In short, Enargas (Argentine gas regulator) gave the green light to this initiative. This project is the culmination of the conversations and development work that started in 2019 between IOV Labs, Gasnor and Grupo Sabra software developers.
Thus, Enargas agreed to expand the project into a national Blockchain that includes the nine distribution companies.
How will this initiative be implemented?
To realize this idea, “Gasnet” will be based on RSK Enterprise, the IOV Labs Bitcoin smart contracts platform. This would facilitate the recording of transactions related to all gas installations.
Additionally, more than 10,000 service providers will register, verify and implement digital identities in Gasnet using RIF Name Services. This allows the identification of Blockchain addresses with human-readable names.
Thanks to the implementation of Blockchain technology, Gasnet will help distributors achieve superior traceability and security when it comes to gas installations and record keeping.
The Blockchain will also allow companies to assess the quality of service provided by gas engineers and improve regulatory oversight by storing compliance information on the network.
Gasnor CEO Carlos Amín said the launch of Gasnet would allow the company to streamline processes, reduce costs, improve time to market and provide a much better user experience. Blockchain is the instrument of choice to do so.
What other nations are devising a project like these?
Argentina is not alone in giving the green light to DLT-based solutions. National governments around the world are experimenting with Blockchain technology.
This year, the German government is expected to launch a pilot project for Blockchain-based digital identities. The idea is to keep marital status records, passports, and identification cards using distributed accounting technology.
On the other hand, in Beijing, a Blockchain system is being implemented to guarantee “a healthy and fair fiscal environment”. And in India, up to 40 blockchain projects are being worked on, most in the pilot phase and a couple in the implementation phase.
Thus, Blockchain technology has come to improve many of the existing processes, by providing these initiatives and others similar, this is precisely achieved.
For now, Blockchain technology is expected to be more widely adopted in the energy sector, for digital identity management, and more. Thus, it should not surprise us that the potential of this technology continues to expand even further in the years to come.