HydroLink will address key obstacles preventing green hydrogen adoption from reaching its potential and, in the process, incentivise the market to make the switch to sustainable alternatives. Leveraging HydroLink’s utility will prove both rewarding to firms deploying our technology and the world we all wish to preserve.
The end product of hydrogen production is solely hydrogen, with nothing beyond the assurances of the producer to differentiate between different standards of hydrogen. These standards include; green, blue, brown and grey hydrogen, which are graded on the emissions released in the process of isolating the end product hydrogen.
Hydrogen’s supply chain involves pre-processing, production, storage, distribution and end-use. As hydrogen moves throughout each stage of the supply chain, a connected smart meter and other IoT devices allow entities to record and relay production and distribution data to the HydroLedger. Our platform will enable enterprises to provide this information to their clients and regulatory compliance organisations. Not only do consumers gain a fully transparent view of the origin of their energy, but producers and other supply chain vendors will be able to verify processes undertaken prior and following their involvement.
Wider adoption of green hydrogen as a viable energy solution will be severely restricted without a trusted verification framework. For a certification method to be accepted, it must be able to verify that all the processes along the supply chain align with each entity's sustainability claims. HydroLink provides exactly that, a uniform certification protocol designed to eliminate the possibility of fraud, double-counting, and ensuring that institutions showing green-initiative can be acknowledged.
The benefits of the HydroLink Platform are far from limited to our certification solution, with the supply chain optimisation protocol offering meaningful insights for business, vendors and consumers. Traditionally, bill of ladings, which can be thought of as a receipt, have been physically printed and manually transferred between parties. The issues with such ancient methods are obvious. Physical documents can easily get lost or stolen. Only those in possession of the document can view the details immediately. They are also tedious to digitise and transfer to a computer.
HydroLink believes these issues will soon be a thing of the past with both blockchain and smart contract technology adoption imminent. HydroLedger will securely store a user's bill of lading, which will help simplify insurance claims and their respective outcomes and eliminate fraud. Any consumer in possession of a registered product on the HydroLink platform can access the entire history in seconds removing the need for phone calls and paper audits.
Carrier onboarding is yet another area where blockchain will be instrumental to future supply chain optimisation, deployed across every industry reliant upon carrier transport. Currently, there is no comprehensive database of carrier ratings. Resultantly, each company must expend resources gathering reliability statistics, verifying insurance, cross-referencing driver qualifications and doing internal due diligence. Blockchain will forever alter these expensive, time consuming and outdated methods, equipping businesses worldwide with a shared database they can use to rate carriers and save themselves the time and hassle of internal screening processes.
The logistics sector will also enjoy the benefits that smart contracts bring. A business can deposit into an escrow account that releases the stored funds when the agreed-upon asset is certified as delivered at its final location. This seamless process leads to quicker payments to logistics companies and will reduce their operating costs and fees. Further, bypassing countless intermediaries reduces manual paperwork and invoicing, leading to even more time saved and costs cut.
Minimise waste and allocate inventory using insights from real-time demand forecasting
Reduce information silos and ensure provenance with immutable records
View live end-to-end supply chain data easily with full transparency
A Carbon credit, also known as a carbon allowance, is essentially a permission slip to emit one ton of carbon dioxide. A carbon offset is a unit that represents the reduction or removal of greenhouse gases (GHG), in order to compensate for any emissions created. Purchasing and cancelling a carbon credit creates a carbon offset.
Despite the increasingly environmentally-conscious market, there still remain GHG-generating practises (eg. shipping, transportation and heat production) that cannot be eliminated without furthering the price competitiveness of renewable technologies. Carbon offsetting allows companies to mitigate their environmental impact by funding for verifiable climate action practices that either reduce, remove or avoid greenhouse gas (GHG) emissions, such as reforestation, afforestation, or energy efficiency initiatives.
The total credits issued each year is based on emissions targets and are frequently issued under what’s known as a ‘cap-and-trade’ program. Each year regulators set a limit on carbon emissions known as the ‘cap’, which works as the primary regulatory mechanism to align the interests of enterprises with government initiatives. That cap reduces each year, which progressively increases the cost associated with emission-intensive business practices. To maintain profitability, it is in the best interest of enterprises to undertake environmentally responsible practices, and to introduce green practices sooner rather than later.
The current process for trading carbon credits or offsets involves a physical contract. The involvement of lawyers and brokers as intermediaries heightens the already difficult process through additional time and cost burdens. As such, there is a growing demand for an open international marketplace to conveniently exchange carbon credits and offsets. HydroLink brings a simple, easy-to-use user interface using blockchain to promote trust, security, erase fraud and the risk of double counting. HydroLink can provide the means to exchange these credits with adherence to regulatory standards with added benefits of instant transfers, market transparency, security, and importantly, ensuring the accurate pricing of carbon assets.