Iberdrola also seeks, in the future, to use Distributed Accounting Technology to certify purchase and sale operations in the wholesale markets of energy and natural gas
The largest Spanish energy company, Iberdrola, will start using blockchani technology to track energy sources and certify that it comes from renewable resources. This was announced by the company through a statement published on its official website.
Iberdrola completed the testing phases of the project that tracked and verified the origin of the energy, this through a network which uses blockchain technology to record the information. The team’s objective is to verify that 100 % renewable energy is used.
The company mentioned in its press release that the first tests were conducted thanks to the alliance with Kutxabank, a bank with headquarters in Bilbao, which owns a large part of the shares of the energy company.
For the pilot tests of the system, Iberdrola carried out a detailed monitoring of the energy transmitted by two wind farms and a power plant of the Kutxabank bank. It was found that the energy used by the bank, Cajasur, Córdoba and other communities came from the wind farms of Maranchón (Guadalajara, Castilla-La Mancha) and Oiz (Vizcaya); as well as the San Esteban Hydroelectric Plant (Orence, Galicia). So it was shown that the energy was 100 % clean.
For the completion of the pilot project, the company used Energy Web Foundation, a platform which uses an open-source blockchain programmed and aimed at modifying the operation in question, as well as the market and test conditions.
As a result, it was discovered that blockchain technology helped to rank and identify energy producers. The use of smart contracts allowed the elimination of all types of intermediaries, reduce important costs and automate the distribution of energy.
In the statement offered by the energy company, after the success of the tests, it is explained that there is a greater degree of traceability and that in turn it offers more transparency to transactions, in addition to recording all the information of the process. So participants can review the data of the entire test phase.
“Innovation shows us that blockchain technology is a key accelerating tool in the
The tests carried out proved to be totally successful and reinforce the confidence of the company in blockchain technology, which can be the ideal channel to check the origin of the energy, and even develop new distribution technology.
According to reports in the Spanish press, this project is based on the idea of the Kutxabank bank, in which its operations are based on 100% renewable and clean energy. So it seeks to minimize the impact of environmental pollution and direct its steps to a sustainable future.
By María Rodríguez