Blockchain utilizes cryptography to store transaction records within blocks. An immutable and tamper-proof distributed ledger accessible to all the network members increases operational efficiency across traditional electricity grids.
PALO ALTO, Calif. (PRWEB)
August 03, 2022
Rapid technological progress and population are driving the growing demands for energy, raising concern for the sustainability of conventional energy sources. The renewable energy sector has made progress but is still insufficient to solely power industry sectors worldwide. HashCash Consultants CEO Raj Chowdhury highlights blockchain’s merits in this sector, pointing out areas of implementation to address the growing list of challenges through optimization, cost-cutting, and elimination of intermediaries.
The UN reports total global energy supply increased by over 68% to 601.7 EJ within 3 decades starting from 1990. Coal, oil, and natural gas are still the major fuels in use, amounting to over 490 EJ of the total energy supply. A sudden switch will turn the world to a standstill, which is why global thought leaders are advocating for optimized energy utilization in addition to relying on renewable sources. Blockchain, a distributed ledger technology (DLT), is proving to be invaluable in increasing productivity across multiple sectors of the energy supply chain.
The HashCash chief, also a noted blockchain pioneer, explains, “Blockchain utilizes cryptography to store transaction records within blocks. An immutable and tamper-proof distributed ledger accessible to all network members increases operational efficiency across traditional electricity grids. ”
Areas, where blockchain has already made a significant impact, include peer-to-peer energy trading, energy data management, commodity trading, and even the oil and gas industry. The technology has been a game-changer across supply chains all over the world, and a conscious decision to harness its potential while keeping the environment and sustainability in mind will be beneficial through all segments.
“Blockchain is already being used for building trading platforms for commodity and energy. Data stored in blockchains are transparent and validated through majority consensus removing chances of error or fraud. It is also under active consideration for building microgrids featuring distributed energy resources, ”quoted Chowdhury, who had previously pointed out blockchain’s potential in carbon reduction and viable climate tech solutions.
Led by Chowdhury, HashCash has been a global frontrunner winning top awards for blockchain development. The US-based company has deployed blockchain solutions in more than 26 countries across 5 continents including the US and Singapore. HashCash strives to make a positive change through innovation, trust, and transparency and has currently announced expansion plans across Middle East and India.
Blockchain as a technology is disrupting the energy sector, increasing productivity and attracting investments for research and implementation worldwide. Organizations will continue to leverage growth and business opportunities through blockchain, even more in the upcoming years.
About Raj Chowdhury:
Raj Chowdhury is the Managing Director of HashCash Consultants and a Blockchain pioneer. Raj pioneered the first interbank Trade Finance and Remittance implementation of Blockchain Technology between two of the largest global banks. Raj is a prominent voice in the Blockchain and Cryptocurrency space and actively engages with policymakers in this area. He is a contributor to Economic Times, Business World, and CNNMoney and advises industry leaders in the adoption of Blockchain. He is a member of Asha Silicon Valley, a nonprofit committed to education for children in emerging countries. Author of the book ‘The Dark Secret of the Silicon Valley’, Raj is an investor in blockchain and cryptocurrency companies and an active member of the philanthropic community.
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