The Spanish electricity producer Iberdrola relies on Blockchain technology! 💡

Hello dear readers and members of AVALO-energy,

The blockchain industry is constantly evolving and in the energy market there is also happening a lot...

Today we would like to share with you an interesting article with news about Blockchain technology in the energy market again!

Here you can find the original article in German: https://www.btc-echo.de/iberola-spanischer-stromproduzent-setzt-auf-blockchain/

Iberdrola: Spanish electricity producer relies on Blockchain!

Source: Shutterstock and BTC-Echo

Here is a translation of the article:

The Spanish electricity generation and distribution company Iberdrola has completed a pilot project to track energy transfers to the end user using a blockchain. This is reported by the Spanish press agency Europa Press. The electricity came from two wind farms in Oiz (Bizkaia) and Maranchón (Guadalajara) and a hydropower plant in San Esteban (Galicia) and entered the headquarters of Kuxtabank in Córdoba and the Basque Country. Kuxtabank is a co-owner of Iberdrola and a cooperation partner in the project. Iberdrola is one of the largest electricity companies in Spain and has representations in dozens of countries, including Germany.

Smart Grids - Smart grids are coming
With the real-time tracking of power from generation to point of consumption through the blockchain, it is possible to pinpoint the source of energy. Producers and customers can manage and act on these transfers through smart grids. Blockchain technology allows you to prioritize sources of origin for example. This gives customers more influence and transparency when they prefer certain types of electricity. Smart contracts also eliminate administrative middlemen, which simplifies processes and saves costs.

Power producers are cooperating with Energy Web Foundation
When implementing the blockchain technology, the electricity producer Iberdrola is working together with the Energy Web Foundation (EWF). This non-profit organization was established in 2017 with the aim of accelerating the commercial use of blockchain technologies in the energy sector. For the development, the EWF provides its participants with an open-source platform. In the second quarter of 2019, the company's own blockchain will be launched under the name EW chain. It has a good chance of becoming the standard for smart grids and other applications in the energy sector.

It is to be expected that the decentralization of green electricity through blockchain technologies will significantly shift the global energy industry. Siemens has been a participant in the EWF in Germany since the end of 2018. The energy departments of the Group expect the use of smart grids to increase the overall efficiency of energy networks and reduce costs. Specifically, it should thus be possible for even smaller operators of renewable energies to feed excess electricity into the grid and thus supply their neighbors.

Original article in German: https://www.btc-echo.de/iberola-spanischer-stromproduzent-setzt-auf-blockchain/