One of the biggest Spanish energy companies, Iberdrola, is going to use blockchain technology to track electric power across the country, according to local independent media outlet Europa Press.
The first trial of this decentralized system was conducted by Kutxabank and its subsidiary Cajasur, one of the biggest shareholders in the energy company. The bank is from the Basque, a semi-autonomous region within Spain. During the test, the power company used energy from two wind farms and one power station to the bank’s offices in the Basque and the city of Cordoba.
The system used in the pilot program was of the Energy Web Foundation, an open-source blockchain platform that allows different energy programs to test their pilot on their ledger. According to the results of the test, blockchain technology can enable a hierarchy of sorts of power producers and help automate the entire process from the point of generation to consumption.
Iberdrola will use the distributed technology-based system to issue “guarantee of origin”, a concept that enables customers to see the origin of their power thus allowing greener technologies to flourish. Additional benefits of the new system include added transparency and reduced operational costs due to automation.
Blockchain technology is now being adopted by the Spanish power industry on a wider scale. Recently, a Spanish power company was issued a blockchain syndicated loan with the BBVA bank acting as the intermediary between two other banks.
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