Iberdrola, an energy company in Spain, has announced its plans to surge ahead with the complete implementation of blockchain for tracking renewable energy after seeing a positive outcome in its pilot project.

The company conducted its first trial in partnership with Kutxabank, a local bank, and its subsidiary Cajasur. The trial involved monitoring of renewable energy delivered from two wind farms and a power station that served the banks’ offices in Basque Country and Cordoba.

The pilot project was carried out on Energy Web Foundation, a blockchain platform tailored to meet the regulatory, operational and market needs of the energy sector.

As per Europa Press, Iberdrola successfully completed the pilot project and claims that blockchain has the potential to add transparency and cut down operational costs by removing middlemen involved in the energy sector.