HashCash, a global software company based in California, announced a move into the energy trading market, in collaboration with a German Solar Power company.
The company revealed in a press release Wednesday that they plan to debut a blockchain-based peer-to-peer energy trading platform with focus on renewable solar energy.
The platform is aimed at operating as a microgrid for the prosumers and consumers. It will be equally used to balance the demand and supply of solar energy, since it will also allow trade via smart contracts, according to the CEO of HashCash Consultants, Raj Chowdhury.
Usually, individuals consume the energy produced by PV solar panels. Most times, prosumers are unable to trade excess produced energy, due to the current system which mandates the public utility as the third-party intermediary.
Hence, the blockchain network is aimed at enabling users to register their preferences in the shared ledger, and to trade produced solar energy on the platform, without the need for a central body or a middleman, thereby making trades cost-effective.
This could be achieved because the use of smart contracts eliminates the need to complete transactions through a central body; also, participants will have pre-trade transparency, executed through a consensus.
Meanwhile, details of the transaction and settlements on the platform will be recorded instantly on the immutable Blockchain, according to the report.
While the P2P trading opens up a new form of the energy market, it is also believed to introduce an avenue for viable investments in the renewable energy market, following the increased inclination of the public towards renewable energy sources.
In a crypto-and-renewable energy relationship, Coinfomania reported on April 6 that the Missoula County Commissioners board had approved a rule on “Renewable Energy Practices implementation on cryptocurrency mining.”
The decision came in favor of the city-county resolution for 100% clean energy by 2030, given that the industry massively consumes power.