[2019-01-19]Spain: Iberdrola Uses Blockchain Technology in Renewable Energy Sect

[Vladdirescu87]

Iberdrola - the Spanish public multinational electric utility major, has accomplished a project which will largely chip into speeding up the decarbonisation process by using blockchain to ensure that the energy supplied to the user is 100 percent renewable. The first test to ensure the renewable source of the energy supplied was carried out with the financial entity Kutxabank, who were able to trace the actual time that it takes a process to occur, and the source of the power supplied by Iberdrola from the generation point up to the place of consumption.

Read the details in the article of Coinidol dot com, the world blockchain news outlet: https://coinidol.com/spain-iberdrola-uses-blockchain-technology-in-renewable-energy-sector/

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[Betwrong]

This first experiment to guarantee the renewable origin of the energy supplies was done with the financial entity Kutxabank, which was able to track, in real time, the origin of the energy supplied by Iberdrola from the generation asset to the point of consumption, Iberdrola said in a press release.

It would be interesting to see how this really works. I mean all the following steps are understandable, but what about the very first input? How we can be sure that those guys who claim their energy is renewable are telling the truth without trusting them?

If they are going to establish a hierarchy of priorities based on sources of origin for consumers, wouldn't it be tempting to lie about the sources?

[Harlot]

It would be interesting to see how this really works. I mean all the following steps are understandable, but what about the very first input? How we can be sure that those guys who claim their energy is renewable are telling the truth without trusting them?

If they are going to establish a hierarchy of priorities based on sources of origin for consumers, wouldn't it be tempting to lie about the sources?

As long as someone is monitoring the company and enforcing their regulation I don't think someone can easily cheat this system. Remember that minor altercations with the system can also be alerted to their own blockchain. Which means if they switch to a non-renewable energy during the middle of the process the system can be set to be alerted when it comes to changes like that.