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January 14 (Renewables Now) – Iberdrola (BME: IBE) announced Monday that it had completed an experiment that involved the use of blockchain technology to track the supply of renewable energy in real time.
The Iberdrola credit institution and the Basque lender Kutxabank started an experiment that involved the tracking of the electricity generated by two wind farms and a hydroelectric plant up to the point of consumption: the bank offices in the Basque Country and in Andalusia.
The whole process served to ensure that the energy supplied to the consumer is 100% renewable, which is crucial for long-term purchase agreements (PPA), said Iberdrola.
Among other advantages, blockchain technology is useful for determining which resource will provide power to the end point, prioritize sources of origin, eliminate intermediaries with the use of smart contracts, simplify the process, eliminate costs and improve privacy.
To conduct the experiment, Iberdrola has partnered with the Energy Web Foundation, a scalable open source blockchain platform designed for regulatory, operational and market needs in the energy sector.
He also designed a user-friendly Web environment that allows users to view data on the process and identify the source of renewable energy.
