• Sun, 17 Feb 2019, 04:09 PM
  • All times are UTC
  • Edition:
    International
Link copied

Iberdrola trials blockchain technology for tracking renewable energy

Image via Europa Press

Wed, 16 Jan 2019, 04:28 am UTC

Spanish utility firm Iberdrola has announced that it has completed a pilot project that used blockchain technology to ensure that the energy supplied to the consumer is 100% renewable.

According to the official release, the first trial was conducted in collaboration with Kutxabank. Iberdrola said that it also received support from the Energy Web Foundation for the initiative.

Blockchain technology allowed real-time tracking of the origin of the energy supplied by Iberdrola from the generation asset to the point of consumption. The company said that the technology is a “crucial catalyst” in the process of decarbonising the economy, allowing traceable, secure and rapid transactions.

The technology also helps to efficiently allocate which assets will supply energy to a specific point of consumption, Iberdrola said. Furthermore, smart contracts eliminate the need for intermediaries and help simplify the process, eliminate costs and improve privacy.

“With this initiative, renewable energy certification processes are accelerated and automated, certification is given a greater degree of traceability, and the transaction is made more transparent and secure, as it is permanently registered on the platform so that both parties can audit the results,” it added.

Iberdrola has also designed a user-friendly web environment allowing customers to identify which plants the green energy they consume comes from.

The company said that it has implemented a number of blockchain-based initiatives, including a project that aims to trial blockchain-based transactions in wholesale energy and natural gas markets.

Last month, another Spanish firm Acciona announced its plans to allow its clients to trace renewable energy in real-time from anywhere in the world by using blockchain technology.

<Copyright © TokenPost. All Rights Reserved. >

The commenting service is available only after having logged in.
More
  • Bitcoin (BTC) $3,631.68 (-0.14%)
  • Ethereum (ETH) $126.25 (+2.18%)
  • XRP (XRP) $0.300800 (-0.49%)
  • Litecoin (LTC) $43.06 (-1.87%)
  • EOS (EOS) $2.81 (-1.02%)
  • Bitcoin (BTC) $3,631.68 (-0.14%)
Feb 15, 2019 (Friday)
10:50
Dutch firm ElaadNL taps IOTA technology for autonomous smart grid PoC
09:39
Rabobank pumps ‎€80M into venture fund to drive fintech and agtech investments
09:06
Enterprise Ethereum Alliance to launch token task force in 2019
07:21
BitTorrent unveils new payment card for BTT tokens
06:09
Luxembourg lawmakers pass blockchain bill into law
05:11
Canadian crypto exchange Coinsquare acquires StellarX
04:12
JP Morgan reveals key details of Quorum Blockchain-based JPM Coin
03:41
Samsung SDS develops blockchain accelerator technology to enhance transaction processing speed
Feb 14, 2019 (Thursday)
12:11
JP Morgan to trial own cryptocurrency ‘JPM Coin’ for instant client payments: Report
11:04
Intel announces new product to accelerate blockchain deployment
09:47
Huobi Wallet adds support for Japanese and Korean languages
09:11
US CFTC includes cryptocurrencies in 2019 examination priorities
07:24
Nasdaq to launch Brave New Coin Bitcoin and Ethereum indices on February 25
06:07
Italian interbank blockchain project enters pre-production phase
05:14
Enterprise Ethereum Alliance opens regional office in China
04:16
UC Berkeley launches blockchain accelerator for early stage startups
03:39
Former JPMorgan Chase executive joins blockchain startup Vakt as CEO
Feb 13, 2019 (Wednesday)
11:46
New feature to enable Coinbase Wallet users to backup private keys on Google Drive and iCloud
10:52
Hyundai Commercial partners with IBM to create blockchain-based commercial financing platform
09:45
Gibraltar Blockchain Exchange lists ICNQ token on GBX-DAX
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft