Iberdrola now uses blockchain for renewable energy generation

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Spanish major utility company Iberdrola has used blockchain technology to ensure the energy provided to consumers derives from 100 per cent renewable energy sources.

Last Monday, the company announced it had run an experiment in collaboration with financial entity Kutxabank. By using blockchain, the bank could track where energy supplies had come from in real-time.

The projects used for the experience included wind farms and a hydroelectricity plant extracting energy used at the headquarters of Kutxabank in Andalusia.

In recent years, blockchain technology has become a critical tool for many energy sectors, as well as industries such as cryptocurrency.

In general terms, blockchain technology refers to a tamper-proof distributed digital ledger responsible for recording transactions.

Rather than different entities of a transaction recording their own records, which can often cause errors and confusion, blockchain offers the different parties one “master” record and this record cannot be altered once a transaction has been made.

IBM, a leader in the technology sector, notes: "All parties must give consensus before a new transaction is added to the network." 

Iberdrola says blockchain technology was a way of allocating "which assets will supply energy to a specific point of consumption." 

 

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