Iberdrola launches blockchain compliance platform

Spanish energy giant Iberdrola is at the forefront of promoting transparency with the development of blockchain based compliance system in Spain.

The new blockchain application, which was initiated by Iberdrola, is aimed to enable the publication of companies’ compliance systems documentation and to facilitate the exchange of information during due diligence processes related to compliance risks in a reliable, simple and secure way.

Currently, information has to be sent and received manually on a company-by-company basis, which is costly. As companies will be able to voluntarily publish the documentation of their compliance systems in a structured way, it can be replaced with a simple consultation of this digital platform.

The use of blockchain technology guarantees the immutability of the deposited documentation, as well as its creation or modification date, and allows full traceability of each document.

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This aspect is of particular importance for compliance officers since, thanks to this record, it will be possible to prove the existence of a compliance system on a specific date during a possible legal process.

At all times, each company will be able to control which documentation it wishes to make public without any type of restriction or if, on the contrary, access to certain documents requires its express authorisation, once the request has been received from another user.

In addition, to ensure that users are authorised to act on behalf of a company or organisation, the platform will automatically carry out the appropriate checks at the companies registry.

Iberdrola says it has been the creator, promoter and funder of this project.

Other participants are Deloitte acting as an expert collaborator in regulatory compliance and technology, the Institute of Compliance Officers providing methodological support as well as promoting its dissemination and the Association of Property and Commercial Registrars of Spain, which is focussed on the strengthening of legal security and certainty in legal transactions.

The system, which will be accessible via the web and managed by the Association of Registrars, should become available in June 2023.