According to reports published by Europa Press in Spain (Spanish independent news agency) on Monday, Iberdrola, The leading energy company of Spain has now begun to use blockchain technology in order to track renewable energy. The first testing was organised in collaboration with a local bank called Kutxabank based in the Basque Autonomous Community owning a significant part of Iberdrola’s equity and its branch Cajasur.
At the time of the pilot, Iberdrola checked and kept a close track of the renewable energy obtained from two wind farms and one power station to the bank’s offices situated in Basque Country and the Southern city of Cordoba. Energy web foundation is used by the corporation which essentially is an open source blockchain platform designed in order to fit the operational market needs of energy industry. The company realised that this blockchain technology had enabled the company to create a hierarchy of the producers along with letting them automate the process of energy distribution.
Europa press claims that the test conducted was successful and that Iberdrola believes that blockchain technology will essentially add value to the process of issuing assurance of origin making sure that the customer is well aware and informed about the source of energy consumed. With this decentralised technology in use, transparency in the industry can be improved, and operational costs can be reduced by bypassing intermediaries.
In the month of December, ACCIONA Energia – A Spanish renewable energy operator which according to reports produces energy free of emission for over 6 million homes announced that the company would use blockchain technology to trace the generation of electricity. Blockchain technology has been welcomed across the world precisely in the energy sector. Siemens, a German Tech corporation also joined hands with Energy Web Foundation in order to promote and advocate the use of decentralised technologies in the industry. The Energy dept in the United States granted an amount of $4.8 million for research in universities for technologies including blockchain.