Mexico’s energy shift toward a competitive, liberalized and clean energy market has become the bedrock of new power-producing technologies aching to showcase their cost-effectiveness and power output. Blockchain will have an important part to play in using technology to secure the country’s energy transition due to its inherent corruption-inhibitor component, as indicated by the World Economic Forum’s Partnering Against Corruption Initiative (PACI).
National Digital Strategy and Smart Tenders
When the country announced its National Development Plan for 2013–2018, it included a program for a modern and attentive government, requiring the construction of a “Digital Mexico.” Enter the National Digital Strategy (EDN), an action plan to propel Mexico’s population to a fully-fledged information and communication society, through connectivity, inclusion, digital abilities, open data, interoperability, digital identity and the relevant regulatory framework.
EDN’s most potentially significant contribution to the country’s energy sector lies in promoting “smart tenders” through its Blockchain HackMX initiative, the objective of which is to promote innovation and emerging technologies to improve digital public services, extend the benefits of the digital government and increase anti-corruption measures through technology. “Smart tenders” is a blockchain-based system allowing public tenders’ transparency and reliability, while simultaneously fostering civic participation and ensuring the winning bid produces the most significant social benefits.
Mexico’s Private Sector and Blockchain
In an interview with El Financiero on Dec. 14, 2017, Héctor Grisi, Director General of Santander México, explained Grupo Santander is preparing a blockchain-based platform to be deployed in Mexico, Brazil, Spain and the UK. In 2016, Grupo Santander announced a MX$15 billion investment to modernize its technological infrastructure, and this new platform is a critical component of this capital injection.
In Jan. 29, 2018, El Economista reported Mexico’s stock exchange (BMV) welcomed the arrival of the first blockchain-based technology company, Riot Blockchain.
Based on the applications blockchain can develop for the energy sector, as well as the sizable energy consumption that this technology’s data centers require, the progress of this disruptive technology in Mexico should be closely monitored.
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