Spain’s major energy company, Iberdrola, has started using Blockchain to track renewable energy

Spain’s major energy company, Iberdrola, has started using blockchain to track renewable energy, Spanish independent news agency Europa Press reports on Monday, Jan. 14.

The first trial was conducted in cooperation with Kutxabank, a local bank based in the Basque Autonomous Community that owns a substantial part of Iberdrola’s equity, and its subsidiary Cajasur.

During the pilot, Iberdrola monitored the renewable energy delivered from two wind farms and one power station to banks’ offices located in Basque Country and the southern city of Cordoba.

The company used Energy Web Foundation — an open source blockchain platform designed to fit the regulatory, operational and market needs of the energy sector—  in their pilot. They found that blockchain enabled the company to establish a hierarchy of the producers and to automate the process of energy distribution.

According to Europa Press, the test was a success, and Iberdrola believes that blockchain will contribute to the process of issuing guarantee of origin — a certificate that informs a customer about the source of the energy consumed. Moreover, decentralized solutions can help the industry to increase transparency and cut operational costs by eliminating middlemen, the article notes.

Also read: Iceland’s Blockchain-based identity verification platform Authenteq has raised $5 million in a funding round led by Draper Associates and Capital300

Source: https://cointelegraph.com/news/major-spanish-energy-company-to-use-blockchain-in-renewable-energy-tracking