Blockchain Enables Ocean Conservation in AUS
Australia’s government has recognized the dire need to save its swiftly deteriorating national treasure – the Great Barrier Reef – and is investing 377 million US dollars to preservation efforts. However, to make the most out of this allotted budget, researchers are working with software development companies to come up with innovative methods to make conservation efforts more affordable. California-based blockchain company HashCash Consultants has been named as one of the enterprises actively participating in the endeavor.
Causes of Depletion of the Great Barrier Reef
The Great Barrier Reef, which is not only an iconic feature representing Australia, but a major source of income to the region as well, is struggling for survival. The source of $4.8 billion to the national economy and 64,000 jobs, the coral reef is visibly bleaching due to warmer oceans. The frequency of the bleaching is closely spaced, with two instances recorded in the past two years. It is also deteriorating in the face of storm-causing climate change, and is being devoured by ocean creatures such as coral-eating starfish.
According to a study published in Nature, 29% of the 3,863 reefs in the giant ecosystem has already collapsed as a result of the ongoing die-off.
Blockchain can Help Improve Rescue Efforts
The biggest obstacles when it comes to saving the environment are the lack of education or knowledge regarding the issue. Researches and its results are confined to certain institutions and geographic areas due to IT regulations that vary across geographies. However, distributed ledger technology has made distribution and proliferation of information much easier than before, and can be used to fill biodiversity data gaps in the information pool, and enable the development of reliable open access databases. Blockchain technology can be utilized to create a database of detailed information gleaned from monitoring and surveillance of difficult to access marine areas.
HashCash Consultants Extends its Expertise to the Preservation Efforts
The blockchain company will specifically team up with fisheries, canning centers, and distribution companies to create a blockchain powered supply chain management system. The idea is to record and track the amount and quality of marine-life captured, processed, sold, and wasted in specific periods of time. The very task of sharing details of logistics across various channels tends to get expensive and time-consuming, often acting as a deterrent for companies to participate in such drives. Supply chain management on a blockchain network, therefore, makes the process of data sharing far more affordable, efficient, and hassle-free.
The blockchain infrastructure provided by HashCash will run on HC NET, and participation in the blockchain network will also open up opportunities for enterprises to own and trade native digital assets which too will be created by the HashCash team.
The blockchain network from the experts will enable the sharing of details of logistics as it pertains to the environmental conservation efforts across numerous nodes, regardless of the geographic distance separating the institutions and facilities. HC NET, the blockchain network by HashCash Consultants, validates and stores every transaction executed within it using a computer protocol called smart contracts. Every time a transaction is recorded the ledger is updated in real-time across all nodes. This ledger is immutable and serves as a reliable source for audit and research in future.
Raj Chowdhury, MD of HashCash Consultants, shed light on another service provided by the company, “HashCash Consultants will manage the ICO of enterprises willing to become a part of the blockchain network. This is an incredibly popular route taken by companies to raise funds. This is expected to motivate the willingness of entrepreneurs to enter any industry related to marine life, especially the coral reef, with an intent to be a part of the conservation team from the get-go.”
About HashCash Consultants
HashCash Consultants started as a Blockchain Consulting Company in California. Today, HashCash products enable enterprises to move assets and settle payments across borders in real-time using HashCash Blockchain network, HC NET. Financial Institutions use HC NET for Retail Remittances, Corporate Payments, Trade Finance, and Payment Processing. HashCash also runs the US based cryptocurrency exchange, PayBito and the leading Cryptocurrency payment processor, BillBitcoins. HashCash offers cryptocurrency exchange and payment processor white label solutions, comprehensive ICO services and customized use case design and development. HashCash propels advancement in the field of blockchain through the Blockchain1o1 program and its investment arm Satoshi Angels.