SAN FRANCISCO, Sept. 5, 2018 /PRNewswire-PRWeb/ -- One of the first indicators of a population's increase in spending capacity is reflected in the trend of the sales of vehicles. Either the rate of purchase of medium to low range cars go up, or, it stays mainly unchanged while more luxury cars make it to personal garages. However, since its introduction to the market, electronic car companies and electric cars manufactured by mainstream car brands hardly ever make it to any highest selling list.

The low performance in sales in this category is actually a paradox to the excitement brands like Tesla and BMW create with every launch of a new clean energy vehicle. This is mainly attributed to the unreasonably high cost they are sold at as compared to traditional models in the same category. At this stage, blockchain technology can be implemented to reduce the disparity in pricing between the two, if not by reducing the price of electric cars, then surely by bringing up the price of gasoline vehicles. Either way, the competition becomes fairer.

Carbon tax

One of the main setbacks in the system is its inability to accurately record the impact vehicles have on the environment, and thus its carbon footprint is discounted while determining its price. This results in consumers and manufacturers not seeing any incentive in investing in green energy products. A blockchain based infrastructure would preserve and protect data collected from registered vehicles, thereby creating a basis on which tax can be charged at the time of sale and subsequently.

The cost of a vehicle with a larger carbon footprint would consequently be higher than one with a lesser carbon footprint, increasing the desirability of environmentally friendly alternatives. Companies, on the other hand, would be encouraged to meet the demand for such products by restructuring their supply chain.

Reputation system

More than efficiency or durability, it is often the brand name itself that sells products. And a brand's image is built by the ideas it represents, and the parameters these ideas are measured by. For cars, those are speed, safety, aesthetics, and more recently, utilization of green energy. Companies could elevate their brand name by earning points, calculated on the data stored in a blockchain-based reputation system, its score determined by the carbon footprint of the products they sell. The lower the footprint, the higher the score.

Hashcash– a software development company specializing in blockchain based solutions – is working towards providing transparency to track a variety of data pertaining to the greenhouse gas and waste emissions from factories, the carbon footprint of the products there, or a company's overall history of compliance to environmental standards. Implementing blockchain to advocate automation run on renewable energy is a natural step to change the drivers of our economy, and benefit not only us but the future generations.

SOURCE Hashcash Consultants