Leveraging Blockchain for Assured Renewable Energy Supply
energycioinsights

Leveraging Blockchain for Assured Renewable Energy Supply

By Energy CIO Insights | Friday, March 08, 2019

Access to energy is an important factor in the sustainability of the current society in both developed and developing countries. Renewable energy sources have a high potential and great result to contribute to economic, social, and environmental sustainability. They improve access to energy, reduce local and global pollutant emissions, and create opportunities for socio-economic development at local level.

Iberdrola is a leading global energy producer, the number one wind power producer, and one of the world’s largest market capitalized electricity utilities. Iberdrola is leading the transition from traditional models to a sustainable energy model through several of its renewable energy investments, large-scale energy storage and digital transformation, and smart grids, providing its clients with advanced products and services.

Iberdrola has used blockchain technology to ensure that its customers receive a 100 percent renewable energy. The company has experimented with the Kutxabank financial entity. Using blockchain, Kutxabank tracked the origin of the energy supply from the generating asset to the point of consumption in real time. The energy was produced in wind farms and a hydroelectric power station and used at Kutxabank headquarters in Basque and Cajasur in Andalusia. Cajasur is a member of the Kutxabank Group.

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The blockchain is becoming an essential instrument for many industries. Instead of various parties involved in a transaction keeping their own records that may differ and cause confusion, blockchain creates a master record. Once a transaction is recorded, it cannot be changed.

Certification is made more traceable, and the transaction is made more transparent and secure, as it is permanently registered on the platform. The results can be audited by both parties.

Iberdrola was supported by the Energy Web Foundation, a scalable, open-source blockchain platform designed to meet the regulatory, operational, and market needs of the energy sector to implement this initiative. It has also developed a user-friendly web environment that allows its clients to view process data and identify which plants produce the green energy they consume.

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