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Iberdrola, the largest Spanish energy company, has started using blockchain to monitor renewable energy, reports the independent press agency Europa Press, Monday 14 January.
The first trial was conducted in collaboration with Kutxabank, a local bank based in the autonomous Basque Community which holds a substantial part of Iberdrola's share capital and its subsidiary Cajasur.
During the project, Iberdrola monitored the renewable energy supplied by two wind farms and a power plant at the offices of the banks located in the Basque Country and in the southern city of Cordoba.
The company used the Energy Web Foundation – an open source blockchain platform designed to meet the regulatory, operational and market needs of the energy sector – in their pilot project. They found that the blockchain allowed the company to establish a hierarchy of producers and 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 the guarantee of origin – a certificate that informs a customer about the source of energy consumed. Furthermore, decentralized solutions can help industry increase transparency and reduce operating costs by eliminating brokers, the article notes.
In December, another Spanish renewable energy operator producing energy without emissions for over 6 million homes, ACCIONA Energia, announced that it will distribute blockchain to track electricity production.
Blockchain is actively used in the energy sector worldwide. For example, the German technology giant Siemens has also collaborated with the Energy Web Foundation to promote the use of decentralized technologies in the industry. In addition, the US Department of Energy recently awarded $ 4.8 million for university research on technologies such as blockchain.
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