Energy Blockchain is a digital distributed ledger for the power utilities companies. It is secured using cryptographic methods which can be easily programmed to capture all transactions that matter to a company. In addition, Blockchain energy industry store data and valuable information in a chain of blocks, making the data visible to all stakeholders. These chains make it impossible for third parties to access the information, thereby increasing transparency between stakeholders, as one data input is made visible to all the connected blocks.
How does EnHelix Energy Blockchain work?
EnHelix is software leader in providing commodity trading and logistics management solution driven by integrated Artificial Intelligence, Blockchain, and cloud to serve commodity businesses of size and kinds. EnHelix energy blockchain is deployed entirely on the cloud. The software platform works on top of the best Enterprise-grade framework Hyperledger Fabric on super scalable services business solutions and technologies packaged for a faster blockchain production system. Enhelix blockchain solutions for the energy sector comprises of three major systems which include:
- EnHelix Marketplace Blockchain system: Here, energy and commodity firms can conduct business transactions using smart contracts in order to reduce paperwork and reconciliation for post-trade and order operations.
- EnHelix Logistics Blockchain system: This was created for midstream, cargo brokers, and logistics companies to streamline their scheduling, nomination, and billing operations with improved speed and transparency using distributed ledgers.
- EnHelix Settlement Blockchain: This is a fin-tech system for all energy, energy, commodity businesses to process, audit and track all payments and fees.
Uses cases of EnHelix energy blockchain solutions
Although still a relatively new technology, blockchain system has so many benefits which largely outweigh the downsides. Some of the top use cases of this technology in the energy industry using EnHelix blockchain solutions include
- Digitalization of energy transactions: Blockchain digitalizes transactions to improve transparency and enhance security.
- Improved trust: Private Blockchain networks can store and keep a good track record for contractors and workers data. Besides the trust, the blockchain network reduces the hiring costs to ensure employee performance is maintained.
- Improved data record management: Blockchain offers immutable land ownership for energy firms. Some of them represent millions of investments, and thus, they must be kept safely. The conventional methods of keeping such records are not only tiresome but also prone to many illicit behaviors such as forgery.
- Better internet of things data storage: IoT is an interconnected system of mechanical machines or computing devices. Although lots of industries depend on it, the energy industry make use of it more often. IoT reduces cases of cyber-attacks and ensures smooth storage of data in the industry.
- Smart contracts: The traditional contractual transaction methods are time-consuming and can limit the growth of the business. With a smart contract, all agreements are automatically signed, validated, and enforced. It does not only get rid of intermediaries but also saves the firm money and time.
- Reduce transaction costs: By implementing Energy Blockchain solutions for facilitating international financial transactions, the supply chain industry which is characterized by large amounts of international trade can cut costs on incurred fees and transactional costs, thereby drastically benefiting a company bottom line.
- Automate buyer-sell relations: One of the opportunities is the automation of payment-upon-delivery processes by linking smart contracts stored on the Blockchain to both temporary escrow payment accounts and livestream geolocation data. At the point of initiation, all relevant trading parties initiate a smart contract which registers both the price rate (price per volume/mass commodity), the amount (volume/mass of commodity), and the delivery time and location. This information captured in the smart contract is stored on the Blockchain, and the required funds are transferred to an escrow account which is directly linked to the smart contract. Upon delivery, which is verified by geolocation transmitter that is also linked to the smart contract the contract is enforced, and the locked funds are transferred from the temporary escrow account to all relevant trading parties.
Finally, The benefits of energy blockchain technology in the energy sector cannot be underestimated. If you have not yet adopted it in your energy firm, this is the right time to explore EnHelix energy, energy and commodity blockchain. You will experience secure smart contracts, logistics, payments, and other benefits in your business. Enhelix blockchain system which comprises of EnHelix Marketplace Blockchain system, EnHelix Logistics Blockchain system, and EnHelix Settlement Blockchain are all created to streamline processes and ensure transparency of the blockchain network while getting rid of fraudulent middlemen and intermediaries.