HashCash Consultants enters the energy trading market by partnering with a German solar power company. The proposed collaboration aims to deploy a Blockchain-based platform for peer-to-peer trading of renewable solar energy creating a microgrid of prosumers and consumers.
Raj Chowdhury, CEO of HashCash Consultants commented, “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.”
Phasing out from nuclear power, Germany is moving towards greener alternatives in the energy and power sector with a substantial predisposition towards solar energy.
Blockchain for P2P Energy Trading
The increased inclination of the general population towards renewable energy sources like solar energy has given way to a whole new community of prosumers. These individuals produce their energy through PV solar panels and consume that. In most cases, there is excess production of energy which the prosumer can trade with his/her neighbor.
Unfortunately, the current system mandates the public utility to be the third party intermediary between the prosumer and the consumer, making the process highly regulated with subsequent charges involved. Blockchain-based peer-to-peer trading can facilitate a new form of the energy market that enables the prosumers to trade in energy cost-effectively and seamlessly.
What is HashCash offering?
The Blockchain-based P2P platform proposed by HashCash aims to create a balanced energy trading ecosystem of prosumers and consumers through standardization and elimination of any third-party intermediary.
It will allow any prosumer to trade the produced solar energy on the platform directly to the consumer, making it cost-effective. The use of smart contracts would eliminate the need to complete transactions through a central body. Both the participants of the contract will have pre-trade transparency and it will get executed through a consensus. The transaction and settlements will happen in an instant recording every detail in the immutable Blockchain.
Such a system will allow people to get access to inexpensive energy systems through the trade of solar energy via the P2P platform. Besides that, it will also open up an avenue for viable investments in the renewable energy market.
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