Spain’s Iberdrola Reviews Renewable Energy Via Blockchain

Spain’s Iberdrola Reviews Renewable Energy Via Blockchain

Spain based energy company Iberdrola launched a platform that tracks the supply of energy in real time and allows the decarbonization process in its systems, all using Blockchain, according to a press release published by the company.

In a joint venture with Kutxabank, the completed project tracks energy sources in real time from generation assets while using blockchain to guarantee that the energy it supplies to consumers is 100% renewable.

It will help the company to accelerate the decarbonisation process by using blockchain technology. “The renewable energy was generated in the Oiz (Biscay province) and Maranchón (Guadalajara province in the Castile-La Mancha region) wind farms and the San Esteban hydroelectricity plant (Orense province in the Galicia region). The clean energy from these assets was then consumed at the headquarters of Kutxabank in the Basque Country and Cajasur in Córdoba.”

Iberdrola uses Blockchain technology as it is an “efficient way of allocating which assets will supply energy to a specific point of consumption, and can even be used to establish a hierarchy of priorities when it comes to sources of origin.”

Blockchain also eliminates the necessity of intermediaries, and it uses smart contracts “which automatically come into effect when both parties fulfil their side of the agreement, simplifying the process, eliminating costs and improving privacy.”

According to the press release, “this innovation shows us that it is a crucial catalyst in the process of decarbonising the economy, allowing traceable, secure and rapid transactions. In this case, the supply of green energy is more efficient, flexible and transparent, which incentivises the production and consumption of 100% renewable energy.”

The project also developed a visual interface that allows customers to view data on the press and check which plants the energy they are consuming comes from.

Recently Similar News

cex-promotion etoro-promotion

Latest Guides

Latest News

CoinEx,Listings,Margin Trading,Promotion

CoinEx Announce Free Margin Trading Borrowing & KDA Listing

CoinEx have announced a period of free borrowing for margin trading and the listing of a new token known as KDA with a trading competition attached. The first of these announcements has come as means to celebrate the Bitcoin Cash (BCH) Halving which is scheduled for later this year. In March, the mining reward for […]

20 January, 2020
Coinbase,Cosmos,Exchange Platforms,Listings

Cosmos (ATOM) Is Now Live at Coinbase

Earlier this week, Coinbase listed the native token of an interoperable blockchain protocol that facilitates the transfer of data between existing chains, Cosmos. The token known as ATOM has been live on the platform since Thursday across the Coinbase platform This includes the possibility to do so while on the go on either the mobile […]

19 January, 2020
KuCoin,Listings,Margin Trading,Promotion

Borrow New Tokens on KuCoin Margin Trading With 0% Interest

KuCoin have expanded their listed tokens on their platform with the addition of 5 new tokens available to traders and are offering zero interest on these tokens as a special promotional offer. The KuCoin margin trading service is one of the newest products offered by the trading platform and has become an area of their […]

19 January, 2020
Exmo,Fiat,Updates

You Can Now Trade with Kazakhstan Tenge (KZT) at EXMO

EXMO has added to their fiat currency trading options with the inclusion of the Kazakhstan Tenge which became available on the platform earlier this week. EXMO hey were already one of a limited number of platforms that offered Polish Zloty, Ukrainian Hryvnia and Turkish Lira, but the decision to choose the Kazakhstan Tenge (KZT) is […]

18 January, 2020
Custodian,Fee Decrease,Kraken,Promotion

You Can Fund Your Kraken Account For Free This February

This February you can fund your Kraken account for free when you use Etana Custody. Etana is a custody service that operates with Tier 1 banks across the globe and holds offices in prominent locations of the financial world such as USA, Singapore, Japan, and Europe. The core model of the business is the offering […]

17 January, 2020
CEX,Launch,Stake,Staking

CEX’s New Automatic Staking Feature Has Officially Gone Live

The CEX Automatic Staking Feature has gone live with 4 tokens currently available to stake on the platform. CEX announced news of the staking feature last week but didn’t designate a specific time for it to launch. However, CEX users were informed yesterday that staking was up, running and ready for users to start earning […]

16 January, 2020
Acquisitions,Australia,Kraken,Updates

Kraken Acquires Australian Firm, Bit Trade

Kraken has announced the acquisition of Bit Trade – the longest-running Australian crypto service provider. Bit Trade has been in business since as far back as 2013. In that time, it has established a solid reputation thanks to its intuitive and sophisticated products and its assistance on ensuring security and regulatory compliance. This made it […]

15 January, 2020
Binance,Listings,Twitter,Vote

Vote For New Binance Listing and Win Tokens Worth $300

Binance traders who are looking to get more closely involved in their platforms community and have their say on a future project on the platform can win $3,000 in tokens for doing so. In what is the 5th of such votes offered so far by the platform, Binance are encouraging users to vote for one […]

15 January, 2020