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ACCIONA adopts blockchain to enhance compliance practices

11/12/2018
  • The project won an Expansión Compliance Award in the Innovation category by decision of a jury of experts and professionals.

ACCIONA received the award for Innovation in Compliance at the 2018 Expansión Compliance Awards for developing the first blockchain-based platform for enhancing the internal procedure for identification and validation of commercial consultants, providing traceability and security.

The awards, for which there were 87 nominees in 6 categories, are given by a professional jury including specialists from the nominated companies, who choose the winner from among their rivals.

The award recognises ACCIONA's innovation in developing a compliance model that incorporates new technology into the methodology for vetting and accrediting commercial consultants.

ACCIONA has developed a platform that acts like a digital notary, ensuring that all departments involved in engaging commercial consultants undertake the due diligence required by internal regulations. To do this, it uses a blockchain approach developed by startup toQio as part of the GoMadrid programme of support for innovative startups. 

This project falls under ACCIONA's commitment to compliance through the development of protocols and control mechanisms that minimise the risk of illegal and unethical behaviour on the part of employees or outside contractors.

The success of this initiative demonstrates the advantages of blockchain as an element of certification to improve business records and employee management in ACCIONA's internal and external processes. The company is a leader in applying blockchain in its business.

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