Iberdrola has completed a project that will contribute to accelerating the decarbonisation process by using blockchain technology to guarantee that the energy supplied to the consumer is 100% renewable.
This first experiment to guarantee the renewable origin of the energy supplied, was done with the financial entity Kutxabank, which was able to track, in real time, the origin of the energy supplied by Iberdrola from the generation asset to the point of consumption.
The renewable energy was generated in the Oiz (Biscay province) and Maranchón (Guadalajara province in the Castile-La Mancha region) windfarms and the San Esteban hydroelectricity plant (Orense province in the Galicia region). The energy from these assets was then consumed at the headquarters of Kutxabank in the Basque Country and Cajasur in Córdoba.
Blockchain technology is a way of allocating which assets will supply energy to a specific point of consumption, and can even be used to establish a hierarchy of priorities when it comes to sources of origin.
To carry out this initiative, Iberdrola was supported by Energy Web Foundation, a scaleable, open-source blockchain platform designed for the regulatory, operational and market needs of the energy sector.
