Explore the underlying technology powering HydroLink and the possibilities it provides in green hydrogen certification, supply chain optimisation and carbon offset trading below. For further information on how HydroLink aims to accelerate the green hydrogen revolution, please refer to our whitepaper
A blockchain is a shared, immutable ledger that enables the recording, storage and tracking of transactions and assets in a tamper-proof way
Blockchain technology provides a secure and unalterable method to observe an asset - such as an art piece, a diamond, a unit of fuel - as it travels along the supply chain. In marrying blockchain with other technologies, unique digital identities are created for assets and visible to stakeholders. Blockchain is referred to as a ‘trustless’ network. This is not because members don’t trust each other, but because they don’t have to. This trust is created by blockchain’s improved security, enhanced transparency, and end-to-end traceability.
Network participants are provided with end-to-end supply chain transparency through access to shared data recorded on the distributed ledger, including transactions and other relevant data (such as the emissions history of energy production). All data is immutably recorded and stamped with times and dates. This enables members to view the entire history of a transaction and consequently, virtually eliminates any possibility of fraud.
The Internet of Things (IoT) refers to an internet connected object that can parse data from a non-internet connected device. In addition, when embedded with various sensory components - such as temperature, vibration, and humidity sensors - the device can monitor and self-analyse the state of the underlying asset.
Artificial intelligence uses data gathered from IoT devices to simulate the problem-solving and decision-making capabilities of the human mind in addition to offering predictive analyses and outcomes based on the data. These systems use algorithms that are trained on data to make predictions or classifications and improve accuracy over time. The advantages of AI encompass the automation of repetitive tasks, enhanced decision-making, warning systems, and an improved customer experience.
Smart contracts are programmable digital contracts that are recorded on the blockchain. The creation, signation, and execution of contracts are executed when predefined conditions are met. By greatly reducing paperwork and errors, blockchain significantly reduces overhead and transaction costs and reduces or eliminates the need for third parties or middlemen - such as lawyers and brokers - to verify transactions.