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.
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.