It is fair to assume that the future for blockchain technology is bright. There are endless possibilities and ways to implement it into the various industrial sectors. Lately, the energy sector in Spain has been getting a lot of attention. Namely, Iberdrola, one of Spain’s prominent energy company.
According to a report from the independent journal, Europa press, the company began using blockchain technology to track renewable energy supply and consumption.
The first test was coordinated and executed in cooperation with the Spanish bank Kutxabank. Kutxabank, a majority owner of Iberdola’s equity is located in the port city of Bilbao and is part of the Basque community of Spain.
During this experimental phase, diverse renewable energy deliveries were tracked. More specifically, deliveries to two wind farms were monitored, as well as energy from a power station to banks’ offices across the Basque country and the city of Cordoba.
Furthermore, throughout this procedure, Iberdrola was assisted by the Energy Web Foundation, “an open-source, scalable blockchain platform specifically designed for the energy sector’s regulatory, operational, and market needs”. As a result, the company uncovered that blockchain technology could enable them to establish a hierarchy of manufacturers and automate energy distribution.
As explained by Europa Press, the outcomes of the trial were favorable to the company’s hopes and expectations. Consequently, Iberdrola believes that blockchain technology will positively impact the process of providing the guarantee of origin. Guarantee of origin is a certificate that informs customers about the source of the energy consumed. The Independent Journal also pointed out that decentralized methods will further help the energy sector to increase transparency and lower cost by doing away with middlemen.
Moreover, in December of last year, another Spanish company that reportedly distributed emission-free energy for over 6 million households, ACCIONA Energia, expressed the incentive to use the technology to monitor electricity production.
The energy industry in Spain is one among many major energy sectors that have shown interest in adopting blockchain technology. The industry in both Germany and the United States have put substantial funds at the disposal of this technology. For instance, the German tech giant Siemens has also entered in an agreement with the Energy Web Foundation to further the implementation of blockchain technology in the energy sector.
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