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Major Blockchain Boom in Spanish Energy Sector Renewable Energy
Iberdrola, Spain’s pride in the energy sector has bagged another landmark in its name by using Blockchain Technology to identify renewable energy. This was first reported by Cointelegraph on 14th of January.
As per the report published by Europa Press (translated),
Iberdrola has completed a project that allows it to prove with blockchain technology that the energy supplied and consumed by the customer is 100% renewable, the company reported. This first experience of accreditation of the renewable origin of the energy supplied in real time has been developed with the financial entity Kutxabank, which has been able to trace the source of the energy supplied by Iberdrola, from the generation assets to the point of consumption.
As reported by various media houses, the first trail of this one of a kind operation was conducted with association with a local bank named Kutxabank which as reported owns substantial stake in Iberdrola and one of its subsidiaries.
As reported by Cointelegraph
The company used Energy Web Foundation — an open source blockchain platform designed to fit the regulatory, operational and market needs of the energy sector— in their pilot. They found that blockchain enabled the company to establish a hierarchy of the producers and to automate the process of energy distribution.
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