Spanish Company To Use Blockchain For Renewable Energy
Unlike in the past, companies around the world today are beginning to realize the value of using blockchain in their processes. In fact, one of Spain’s major energy companies called Iberdrola has already begun utilizing the technology in tracking renewable energy.
Monitoring Renewable Energy
The first trial was performed thanks to the cooperation of Kutxabank, which is a local bank based in the Basque Autonomous Community. The bank basically owns a good portion of the aforementioned firm’s equity, as well as its subsidiary which is Cajasur.
During the pilot, the company started monitoring the renewable energy that is delivered from at least two wind farms and one power station. This energy, in particular, is sent directly to banks’ offices that are situated in Basque Country and the southern city in Cordoba.
By essence, Iberdrola utilized what is called the Energy Web Foundation in its pilot. The latter is simply an open source blockchain platform that is specifically designed to fit the operational, regulatory, and market goals of the energy sector. Interestingly, the company found out that the technology is capable of enabling it to establish a hierarchy of the producers. Plus, it was able to automate the overall process of energy distribution.
A Huge Succes
According to the official report, the test conducted by Iberdrola turned out to be a huge success. From there, the company is confident that Blockchain will greatly contribute in the process of delivering of origin. This one basically refers to the certificate that is responsible for informing customers about the source of the consumed energy.
Apart from the aforementioned, the company suggests that decentralized methods can significantly help the entire industry when it comes to increasing transparency. And if this is further improved, the technology itself can lend support in cutting operational costs by simply eliminating middlemen.
Blockchain’s Influence Worldwide
Sometime in December, another renewable energy operator that is also based in Spain reportedly produced emission-free energy, which covered about six million homes. This is none other than ACCIONA Energia, which also revealed its plans to deploy and utilize blockchain in hopes of tracing electricity generation.
It holds true that blockchain is becoming a prominent technology in the energy sector across the globe. Take for example the German tech company Siemens, which recently partnered with the Energy Web Foundation in order to promote the utilization of decentralized technologies in the industry. The same thing can be said for the United States Department of Energy, which was able to grant around $4.8 million specifically for university research into various technologies like blockchain.