SPANISH ENERGY GIANT USES THE BLOCKCHAIN TO SUPPLY RENEWABLE ENERGY

Spain’s largest energy company Iberdrola has started using blockchain to track the supply of “green” energy.

Using the blockchain, Iberdrola monitors renewable energy supplied from two wind farms and one power plant to the partner Bank Kutxabank, located in the Basque country and the southern city of Cordoba.

The company uses Energy Web Foundation, an open source blockchain platform developed in accordance with regulatory standards, as well as operational and market needs of the energy sector. Energy Web Foundation allowed the company to establish a hierarchy of generating companies and automate the process of energy distribution.

Iberdrola believes that the blockchain will contribute to a more efficient distribution of electricity and will also allow to verify the origin of the energy resource through the creation of a certificate that will inform the customer about the source of energy consumption. In addition, decentralized solutions will help the industry to increase transparency and reduce operating costs by eliminating intermediaries.