A collaboration to track renewable energy using blockchain technology.

A Portuguese power utility company, Energias de Portugal (EDP), and a Spanish Department store group, El Corte Ingles has collaborated to use Blockchain technology in tracking how much renewable energy is used by some of the Spanish group’s branches.

EDP has been a long-time electricity supplier to El Corte. Its subsidiary, EDP Renewable (EDPR) is one of the biggest producers of wind energy in the world.

Through the EDPR’s wind farms located in Spain, they look to supply renewable energy to some major stores of El Corte. The Renewable energy consumed by those stores will be tracked by a Blockchain tracking system.

With the blockchain tracking system, El Corte will be able to see real-time tracking of the renewable energy used by its stores.

The stores that will be first to benefit from this system are located in Madrid, Seville, and Malaga.

“This agreement will allow a further step in real-time knowledge of the origin of knowledge consumed. It also implies an advance in the traceability and reporting process” said the director of Institutional Relations at El Corte Ingles, Carlos Cabanas.

The collaboration aims to allow El Corte Ingles to track the source of renewable energy used by its stores and also show its commitment to helping cut down Carbon Emission.

From their press release, El Corte claimed that after one year, each of their stores using renewable energy would have reduced carbon emission by the same amount as when more than 100,000 cars suddenly disappear from the roads in a week.

The CEO of EDP commented on the use of Blockchain technology in tracking the origin of electricity. He said, “Thanks to the Blockchain Energy Tracking, companies will be able to assure their stakeholders that they meet their environmental objectives and we will be able to advance in the technological and digital disruption of the energy sector”

Even though it is still in its infant state, Blockchain technology is showing real application in many industries. It has been paving ways in the financial industries, and now diving into the Renewable energy sector. This is because of its assurance of authenticity. Its records or information can’t be altered.

News Source: renewablesnow