The globally renowned California-based software development company, HashCash Consultants has established itself as a strong proponent of blockchain technology across industries. It can be elicited from their recent research that HashCash Consultants prompts peer-to-peer commodity (energy) trading to ensure an absolute glitch-free performance of the power grid.
In energy and commodity trading it is imperative to follow the standardized units specified for size, quality, and quantity of the commodity. Transaction costs in the prevalent market configuration necessitate standardized criteria.
Standardized criteria and lot sizes are necessary to overcome transaction costs in the current market configuration. Traders are not permitted to sell commodities on wholesale power markets if the offer fails to meet the standardized criteria. Hence, intermediaries, including brokers or banks are required to draft the contracts.
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HashCash Solutions make use of smart contracts arranged for blockchain to assign the commodities in alignment with the standardized criteria, thereby, eliminating all functions of intermediaries. In doing so there is a drastic minimization of the transaction costs with the smaller lot sizes elimination of third parties.
HashCash Chief, Raj Chowdhury comments, “While we identify with the need to standardize commodity or energy units, we cannot come to terms with the high transaction cost involved.”
He continues, “Implementation of blockchain technology can resolve the issues cutting down on the cost and time.”
“Given this background, blockchain technology empowers the consumers 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,” opines Chowdhury.
Also Read: HashCash helps Insurance Sector to Process Claims via Smart Contracts
HashCash’s blockchain development team is widely known for its sound experience and has demonstrated expertise in smart contract design. HashCash products are extremely popular in a multitude of industry sectors seeking technological innovation.