Spanish energy company, Iberdrola, use blockchain to track renewable energy, according to a report published on January 14, 2019.
The first trial was conducted in cooperation with Kutxabank, a local bank based in the Basque Autonomous Community, which owns a substantial part of Iberdrola's equity and its subsidiary Cajasur. Iberdrola monitored the delivery of renewable energy from two wind farms and one power station to banksâ€™ offices located in Basque Country and the southern city of Cordoba during the trials.
Energy Web Foundation, which is an open source blockchain platform designed to fit the regulatory, operational, and market needs of the energy sector, was used by them for the trial. The blockchain enabled the company to establish a hierarchy of the producers and to automate the process of energy distribution.
The trial was successful, and according to Iberdrola, blockchain will contribute to the process of issuing guarantee of origin. Moreover, industries can increase transparency and cut operational costs by eliminating middlemen, by decentralizing solutions. In December, another Spanish renewable energy operator, ACCIONA Energia, announced that it will deploy blockchain in order to trace electricity generation.
Blockchain is actively used in energy sector worldwide. For instance, German tech giant Siemens had partnered with Energy Web Foundation for promoting the use of decentralized technologies in the sector. Moreover, the Department of Energy in the U.S. recently granted US$ 4.8 million for university research into technologies such as blockchain.
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