Based in California, HashCash, the world-class software firm, has announced the news about its strategic partnership with a Germany-based Solar Power firm as its first step in the energy trading market space. The two leading firms have come together to chalk out a blockchain-pegged platform capable of aiding P2P trading activities related to renewable solar energy.
While sharing views on the collaboration, Raj Chowdhury, CEO of HashCash, quoted that “Smart contracts will be used to balance the demand and supply of solar energy and to allow P2P trade. The Blockchain network participants will be able to register their preferences in the shared ledger and conduct trade without the interference of a central body or a middleman.”
HashCash allows entities to trade assets and manage payments across borders in real-time for remittances in a user-friendly manner.
Blockchain Technology Facilitating P2P Energy Trading
The present era has witnessed an increased sense of awareness amongst the people to explore the renewable sources of energy like solar energy in place of non-renewable sources. This thinking has resulted in the formation of a new group of prosumers, the individuals who use PV solar panels to generate energy for meeting up their demands. Most of the time, an excess amount of energy is produced and instead of misusing it, prosumers prefer trading of excess energy with their neighbor communities.
Precisely, the present system requires the public utility to work as the third-party intermediary between the prosumer and the consumer. This intervention makes the simple process complicated and regulated for both the parties. The involvement of charges further creates hurdles for widescale adoption.
However, with the employment of blockchain facilitated P2P trading system, a new energy market can be created, which will render the highest standards of efficiency, cost-effectiveness, and ease of usage during the trading activities.
About the HashCash Offering
With the introduction of its blockchain-oriented P2P solution, HashCash is gearing up to provide a well-planned and systematic energy trading platform that caters to the requirements of prosumers and consumers in the best possible way. The system ensures to get away with the issues of the current mechanism via standardization and removal of third-party interference.
The prosumers will be able to trade the solar energy produced to the consumers directly, thereby making the entire process economical. Smart contracts will diminish the need for verification from a central authority. Both the prosumer and the consumer will enjoy pre-trade transparency and a consensus mechanism will conduct the trade. The blockchain network will record all the transactions as and when they will be executed.
The new solution is likely to open new opportunities for investment in the energy sector.