HashCash Consultants embark on the creation of energy tokens to encourage harvesting renewable sources of energy and incentivizing the same
The global blockchain development company, HashCash Consultants announces the creation of energy tokens on the smart grid for P2P trading. Extensive research and survey on P2P energy trading infrastructure using blockchain, HashCash research team has formed the architecture for a typical P2P energy trading system.
Smart grids are digitally automated technology that control, monitor, and analyze the flow and requirement of energy according to the market need. Smart grids use the two-way flow of electricity and information for an automated and advanced energy delivery network. These are expected to increase the efficiency of utilization of energy, be cost-effective, and be environment-friendly.
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Energy token, on the other hand, is spendable and tradeable just like cryptocurrency. However, it is directed to incentivizing real-world environmental activity: verifiably produced solar energy. Energy token is a reward for solar energy producers.
“The energy token allows energy producers blockchain-powered digital tokens at the rate of one energy token (ET) per Megawatt-Hour (MWh) of solar energy produced,” explained HashCash Chief and blockchain pioneer Raj Chowdhury.
“Energy token is free. It is a reward for solar energy producers.”
Smart grids also assure a more efficient harness of renewable sources of energy by offering technological support for the transfer of energy between local energy producers and consumers.
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“The consumers who harvest renewable sources of energy (for example, sunlight using rooftop solar panels) turn into prosumers (Producer-consumers) by selling the surplus energy they generate; either to neighboring consumers or to the grid. This urges more consumers to avail of renewable sources of energy.
HashCash design ensures the system to be able to manage the individual transactions between the users as well as between the user and the grid without tampering with data or loss of information. Integrating distributed renewable energy resources whose power generation is highly fluctuating makes it very challenging for the utilities to estimate the state of the system.
