Nick Chong · 1 week ago · 2 min read · Insights via Grayscale Investments
RSK-powered blockchain gas network goes live in Argentina with 10,000 service providers set to join
Argentina’s natural gas ecosystem is to incorporate blockchain tech going forward, thanks to a collaboration between IOV Labs and gas distributor Gasnor. The newly-launched Gasnet will engender improvements in transparency, information management and efficiency. The blockchain pilot is powered by RSK smart contracts and RIF second-layer solutions.
Gas regulator gives green light to novel pilot
The initiative is the culmination of conversations and development work which started in 2019 between IOV Labs, Gasnor and software developers Grupo Sabra, all of whom were attempting to create a permissioned blockchain that would satisfy Argentina’s gas regulator Enargas. That moment has now arrived, with Enargas agreeing to the expansion of the project into a “national ecosystem blockchain” that includes all nine distribution companies.
Gasnet will be mounted on RSK Enterprise, IOV Labs’ bitcoin smart contract platform, to facilitate the registration of transactions related to all gas installations. Over 10,000 service providers will register, verify and implement digital identities on Gasnet using RIF Name Services, which enables the identification of blockchain addresses by human-readable names.
End-to-end tracking and tracing
Thanks to the implementation of a full blockchain stack, Gasnet will help distributors achieve superior traceability and security when it comes to gas installations and record-keeping. The blockchain will also enable firms to assess the quality of service provided by gas engineers, and enhance regulatory oversight by storing compliance information on the network.
Gasnor CIO Carlos Amín said that the launch of Gasnet would enable the company to streamline processes, reduce costs, improve time to market and provide a much better user experience.
Governments Catching the Blockchain Bug
Argentina is not alone in greenlighting DLT-based solutions: national governments throughout the world are experimenting with blockchain technology.
This year, the German government is expected to launch a pilot project for blockchain-based digital identities, whereupon records of civil status, passports and ID cards will be recorded using distributed ledger technology. In Beijing, a blockchain system is being rolled out to ensure “a healthy and fair tax environment.” And in India, up to 40 blockchain projects are in the works, with most in pilot or proof of concept (POC) phase and a couple in the execution phase.
Providing these initiatives and others like them improve existing processes, expect blockchain tech to be embraced more widely: in the energy sector, for food and medicine traceability, for digital identity management and much more.