Iberdrola, a Spanish energy company, has completed a blockchain based project to prove that the energy supplied and consumed by the customer is 100% renewable, as reported by a media outlet.
Blockchain allows the project the assignment of assets that supply energy to the consumers as well as the establishment of priorities in the sources of power generation origin. This eliminates intermediaries since the smart contracts are self-executing.
The company agrees that usage of blockchain technology increases efficiency, flexibility, transparency and cost savings to the process.
As their pilot, Iberdola used Energy Web Foundation, an open source blockchain platform designed to fit the regulatory and operational needs of the energy sector. Their website explains it quite well with ‘It [EWF] serves as a foundational, shared, digital infrastructure for the energy and blockchain community to build and run their solutions.’
According to the media report, the test has been a success. Renewable energy for the project had been generated by the wind farms of Oiz, Maranchón and the San Esteban hydroelectric power station while the consumption from these assets was carried out in the Basque Country and Córdoba.
Blockchain is proving itself more useful than even the champions of this technology thought of.