HashCash Consultants, a global blockchain development firm, has announced energy tokens for P2P trading on the smart grid. HashCash’s research team has developed the architecture for a typical P2P energy trading system based on comprehensive research and survey on P2P energy trading infrastructure utilizing blockchain.
Smart grids are digitally automated systems that monitor, evaluate, and analyze energy flow and demand in response to market consumption. For an automated and innovative energy delivery network, intelligent grids use two-way electricity and data flow. These are expected to improve energy efficiency while also being cost-effective and environmentally sustainable.
On the other hand, the energy token works similarly to cryptocurrency in that it can be spent and traded. Even so, it is intended to encourage real-world environmental behavior, such as the production of verifiably produced solar energy. Solar energy producers receive energy tokens as an incentive.
The energy token provides energy producers with blockchain-powered digital tokens at a rate of one energy token (ET) per megawatt-hour (MWh) of solar energy generated, explained Raj Chowdhury, CEO, and blockchain pioneer HashCash. The energy token is unrestricted. It’s a financial incentive for solar energy manufacturers.
Smart grids also ensure more effective utilization of renewable energy sources by providing technological assistance for energy transfer among local energy consumers and producers. Consumers who harvest renewable energy sources (for example, sunlight through rooftop solar panels) become prosumers (producer-consumers) by selling the excess energy they create to neighbors or the grid. This encourages more people to use renewable energy sources.
The HashCash design guarantees that the system can handle individual transactions between customers and between users and the grid without interfering with information and data failure. Integrating distributed renewable energy resources with highly varying power generation makes estimating the system’s state extremely difficult for utilities.
HashCash is a multinational software firm. For remittances, trade finance, payment processing, and more, HashCash Blockchain tools enable businesses to move assets and settle payments across borders in real-time. HashCash operates PayBito, a US-based digital asset exchange, and BillBitcoins, a digital asset payment processor. It provides AI, Big Data, and IoT solutions through its platforms. HashCash helps clients throughout the world overcome their difficulties by implementing cutting-edge digital transformation solutions.
For more information, visit https://www.hashcashconsultants.com