Blockchain technology apart from banking has gained huge popularity in the renewable energy sector. The recent breaking news from Spain reveals that blockchain has now reached to the heart of this industry with its large scale deployment in the electric power supply that runs entirely on renewable sources of energy. Iberdrola, the major Spanish electricity utility, made the announcement of completing a successful blockchain test which will enable the power supply that is 100 percent renewable. Well, that just helped in saving the environment too.
This project has been developed by financial entity Kutxabank and Iberdrola. The former one helps to trace the source of the energy while the latter on generates and makes it reach to the end-consumer or the point of consumption. The Spain-based company has gained a huge name in the market with a net profit of €2.8 billion and supplying electricity to over 100 million people.
The renewable energy sources for this specific project come from the wind farms of Maranchón (Guadalajara, Castilla-La Mancha), Oiz (Vizcaya) and the San Esteban hydroelectric power station (Orense, Galicia) as mentioned by Europapress. Iberdrola has already initiated multiple blockchain projects in the wholesale energy and natural gas markets.
Role of Blockchain in Energy Industry
Blockchain has played a vital role by introducing smart contract that has eliminated the requirement of third-parties and intermediaries. Also, there has been an overall improvement in the operations of the system with enhanced transparency and security of the system. According to Diginomica, fostering innovation and ground-breaking developments have led to such amazing outcomes. There has been a significant impact on both consumers as well as industries.
The introduction of blockchain in the field of renewable energy is no less than a boon to this generation which can help in the reduction of environmental hazards such as pollution and climate change to some extent.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]