Iberdrola believes in the potential of blockchain technology to increase traceability, security and speed of operations, thus contributing to the automation of processes and promoting regulatory compliance.
Spanish renewable energy company Iberdrola is using blockchain technology together with auditing and professional services firm Deloitte, the Spanish Association of Property and Commercial Registrars and the Institute of Compliance Officers (IOC) to develop a new compliance management system.
In its blog, the company reported that the new system it is developing with its partners will make it easier for companies to consultation, management and administration of processes, information and documents that guarantee regulatory compliance in a reliable and simple way.
The system will be available by mid-2023 and can be used by any company that wishes to take part in the project and publish its information voluntarily, Iberdrola said.
It may interest you: Tokyo Electric Power Company will mine Bitcoin with Japan's energy surplus
Iberdrola develops compliance management system on blockchain
Through his new Blockchain-based compliance systemIberdrola wants to provide companies with a simpler means by which to receive, manage and exchange information between companies during the processes of due diligence related to compliance risks.
The system will be voluntary and each company will be able to choose what information to share in it, as well as establish or not restrictions on access authorization for key documents, at its own discretion.
The company stressed that the system will keep a detailed and immutable record of the documentation and information filed by companies, a feature that will be very useful during legal proceedings. Thanks to blockchain technology, auditors will be able to exhaustively check the existence of a compliance system on a given date, Iberdrola said.
Collaboration with Energy Web Foundation
In addition to its blockchain compliance management system, Iberdrola has also launched a Blockchain-based pilot project to connect several of its wind farms in Spain and guarantee its customers traceability in renewable energy.
According to the company, the project connects the San Esteban hydroelectric power plant and its Oiz and Maranchón wind farms with the headquarters of Kutxabank and Euskaltel in the Basque Country, as well as with the Iberdrola Tower in Bilbao and the Iberdrola Campus in Madrid.
This pilot project was launched in January 2019 in collaboration with the blockchain platform Energy Web Foundation.
Blockchain plays a key role in the energy sector
The energy sector is one of the sectors that has been exploring the potential and applications of blockchain the most. As this technology is based on la decentralization, transparency and immutability, allows companies in the energy sector to certify the origin of energy and its distribution.
On its website, Iberdrola explains that blockchain technology has allowed it to connect energy production plants with distribution and consumption points, guaranteeing a high degree of traceability to the network and assuring its consumers that the energy supplied and consumed comes from 100% renewable sources.
Iberdrola also highlighted that the transparency and trust that blockchain technology brings to the energy sector allows all parties audit information and results more quickly and reliably. Regarding the distribution and supply of energy, the Spanish company pointed out that blockchain allows it simplify and automate processes, using smart contracts or smart contracts, to eliminate unnecessary intermediaries.
Iberdrola also stressed that blockchain is a fundamental tool for accelerating the decarbonisation process of the economy, as it guarantees traceability, security and speed in transactions.
Continue reading: Australia opens its first green, solar-powered Bitcoin mining center
