Blockchain is driving an evolution in sustainable energy management: Raj Chowdhury
Sustainable energy management
Blockchain uses cryptography to store transaction records in blocks. An immutable and tamper-proof distributed ledger available to all network members increases operational efficiency across traditional power grids.
PALO ALTO, Calif. (PRWEB)
3 August 2022
Rapid technological progress and population are driving the growing demand for energy, raising concerns about the sustainability of conventional energy sources. The renewable energy sector has made progress, but is still insufficient to solely power industrial sectors worldwide. HashCash Consultants CEO Raj Chowdhury highlights blockchain’s benefits in this sector, pointing to areas of implementation to address the growing list of challenges through optimization, cost cutting and disintermediation.
The UN reports that the total global energy supply increased by over 68% to 601.7 EJ over 3 decades from 1990. Coal, oil and natural gas are still the main fuels in use, accounting for over 490 EJ of the total energy supply. A sudden shift will bring the world to a standstill, which is why global thought leaders are advocating optimized energy utilization in addition to relying on renewable sources. Blockchain, a distributed ledger technology (DLT), has proven invaluable in increasing productivity across multiple sectors of the energy supply chain.
The HashCash CEO, also a well-known blockchain pioneer, explains: “Blockchain uses cryptography to store transaction records in blocks. An immutable and tamper-proof distributed ledger available to all network members increases operational efficiency across traditional power grids.”
Areas where blockchain has already had 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 worldwide, and a conscious decision to exploit its potential while keeping the environment and sustainability in mind will be beneficial across all segments.
“Blockchain is already being used to build trading platforms for commodities and energy. Data stored in blockchains is transparent and validated through majority consensus which removes the chances of error or fraud. It is also under active consideration to build microgrids with distributed energy resources,” Chowdhury quoted, who had previously pointed to blockchain’s potential in carbon reduction and viable climate technology solutions.
Led by Chowdhury, HashCash has been a global front runner winning top awards for blockchain development. The US-based company has deployed blockchain solutions in more than 26 countries on 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 the Middle East and India.
Blockchain as a technology is disrupting the energy sector, increasing productivity and attracting investment for research and implementation worldwide. Organizations will continue to leverage growth and business opportunities through blockchain, even more so in the coming years.
About Raj Chowdhury:
Raj Chowdhury is the CEO 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 decision makers in this space. He is a contributor to the Economic Times, Business World and CNNMoney and advises industry leaders on the adoption of Blockchain. He is a member of Asha Silicon Valley, a non-profit organization 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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