Iberdrola - the Spanish public multinational electric utility major, has accomplished a project which will largely chip into speeding up the decarbonisation process by using blockchain to ensure that the energy supplied to the user is 100 percent renewable. The first test to ensure the renewable source of the energy supplied was carried out with the financial entity Kutxabank, who were able to trace the actual time that it takes a process to occur, and the source of the power supplied by Iberdrola from the generation point up to the place of consumption.
The renewable energy was produced in the Oiz (Biscay province) & Maranchón windfarms and the San Esteban hydroelectricity plant. The clean energy from these points was exhausted at the headquarters of Kutxabank in the Cajasur in Córdoba & Basque Country (a geographical region that straddles the border of Spain and France), according to a report by Neweurope.
The blockchain is an effective method of apportioning which assets will supply power to a particular point of consumption, and can even be applied to launch a pecking order of priorities based on points of origin.
It also extinguishes intermediaries as it employs smart contracts that become valid and active when both participants carry through their side of the agreement, easing the process, trimming costs and enhancing privacy.
Blockchain Technology Initiatives
With this kind of establishment, renewable energy certification exercises are speeded up and automated, certification is given a significant level of traceability, and the transaction is set to be very transparent and more secure, as it is registered for good on the platform such that both participants can properly audit the results
Read the details in the article of Coinidol dot com, the world blockchain news outlet:
https://coinidol.com/spain-iberdrola-uses-blockchain-technology-in-renewable-energy-sector/
Topic: Spain: Iberdrola Uses Blockchain Technology in Renewable Energy Sector (Read 1894 times)
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