Targeting prosumers in the commodity trading sector, HashCash proposes direct commodity trading cutting down on time and cost and eliminating intermediaries
HashCash Consultants is a global blockchain development company and a proponent of blockchain technology across industries. Based on its latest research, HashCash Consultants proposes direct peer-to-peer commodity (energy) trading to ensure the glitch-free performance of the power grid.
Energy and commodity trading mandates standardized units be defined as per their size, quality, and quantity. Transaction costs in the prevalent market configuration necessitate standardized criteria.
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Standardized criteria and lot sizes are necessary to overcome transaction costs in the current market configuration. Traders cannot sell on wholesale power markets if the offer does not align with the standardized criteria. Therefore, intermediaries (brokers or banks) are called in to draft the contracts.
HashCash solutions implement smart contracts layered on blockchain to allot the commodity according to standardized criteria, thereby, removing the functions of intermediaries. This dramatically lowers the transaction costs with smaller lot sizes elimination of third parties.
“While we identify with the need to standardize commodity or energy units, we cannot come to terms with the high transaction cost involved,” remarked Raj Chowdhury, CEO, HashCash Consultants.
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“Implementation of blockchain technology can resolve the issues cutting down on the cost and time.”
HashCash development team is known for its profound experience and demonstrated expertise in smart contract design. HashCash products find use in a multitude of industry sectors pursuing technological innovation.
“Given this background, blockchain technology empowers the prosumers by allowing direct, peer-to-peer purchase and sale of commodities. Thus, establishing and strengthening the market role of individual producers and consumers through direct sale or purchase implementing manual methods or automated,” concluded Chowdhury.
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