Renewable energy and green energy are important factors in today’s economy and are desired by a large audience. Many power companies tell their clients that their being supplied with responsibly sourced energy and that’s where it ends. No real proof is given to the client.
Wouldn’t it be nice to know exactly where your energy comes from? If you answered yes, you’re not alone. There’s a large market desire for such technology and many major power companies are currently in the process of conducting trails to implement blockchain technology for this reason.
Renewable Energy in Spain & Blockchain
One of these companies is one of Spain’s leaders in energy supply, Iberdrola. According to a press release article released earlier today (1/14/19) by the Europa press states that Iberdrola has begun using blockchain to track renewable energy.
According to the report, the first trail took place in conjunction with the local bank, Kutxabank, located in the Basque Autonomous Community. Kutxabank reportedly owns a large portion of Iberdrola and its subsidiary Cajasur.
By utilizing the Energy Web Foundations open source blockchain technology during their pilot, Iberdrola was able to effectively track the renewable energy delivered from two wind farms and one power station to bank offices located in Basque Country. Iberdrola found that the blockchain technology enabled them to track and automate the process of energy distribution.
The report states that the trail was successful and that Iberdrola plans to continue their research on how to best implement the technology into their company.
The Department of Energy in the United States recently granted nearly $5 million dollars towards research for utilizing the Energy Web Foundations technologies including blockchain technology.