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To guarantee the 100% renewable power source consumed at Spain, the company of electric power company company Iberdrola will use the blockchain technology. Developed in partnership with Kutxabank, the project will allow to verify the precedence of the power from the source to the final consume. The tracked power have sources on wind farms of Oiz and Marachón and in San Esteban hydroelectric.

The project use the platform Energy Web Foundation that works backed in smart contracts on ethereum network. Therefore, the application will reduce costs, eliminate third parties, improve the transparency and automate processes. Besides that, also has been created a hierarchy of priorities of power in their sources.

Benefits to the environment

The track of “clean energy” contributes to the reduction of the emission of carbon dioxide on the environment. The blockchain technology have the ideal features to track the power produced by electric power companies. Therefore, this technology calls the attention in Spanish industry. The company ACCIONA Energia also have a project using blockchain for the same purpose than Iberdrola .

The usage of smart contracts in ethereum network brings a new way to track information. Many projects applies this technology trying to offer for the industry safer and cheaper platforms. Therefore, this year we can have even more interesting projects with the use of blockchain technology than those presented in 2018.

The latin news portal Criptonoticias reported The project of the Spanish electric power company at last january 14.