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C+Charge is a relatively new platform that offers interesting services. The team has built a robust Peer-to-Peer (P2P) payment system specifically for EV charging stations. The latter is based on blockchain technology. Customers will get individual electronic wallets and be able to use them to pay fees at charging stations around the world. The company also created the platform’s native utility token, CCHG, which will power C+Charge’s payment system. Customers can pay with these tokens for each charge.
The team noted that utilizing the crypto wallet, as well as its sale system, would significantly reduce human interaction. Besides, using blockchain technology means providing transparency and cultivating trust among EV users.
Moreover, C+Charge’s native tokens will accumulate carbon credits for their holders. The latter will be able to utilize them in the future. For example, users can make another EV purchase or spend their credits to receive other benefits. The platform will help customers to manage their carbon credits.
C+Charge created an innovative concept aiming to bring standardization to EV owners, EV charging station owners, EV fleet managers, and policymakers. The company’s system will significantly reduce the friction typically associated with the implementation and management of EV charging. The team plans to create a new standard across the sector that will reduce the average transaction latency, along with creating more efficient charging stations and enhancing transactional throughputs. The team will also offer an easy-to-use payment method that will be the same for all users across the globe.
C+Charge will offer its stakeholders a great user experience that will encourage greater adoption and the growth of the EV industry. Consequently, the customers will help with the further reduction of carbon pollution. Together they will create a cleaner environment that will benefit future generations.
Why is blockchain technology beneficial for this project?
Blockchain technology offers many advantages, such as decentralization, transparency, and security. It enables users to track the transactions in a secure ledger while ensuring that the data is tamper-free.
C+Charge’s decided to offer its customers an electronic wallet-based payment for EV charging because it saves a lot of time and resources. The team noted that its platform would hash encrypt all the payments made with the CCHG tokens. Considering that hash values play a significant role in transactions, that’s a great advantage.
The company will also employ a distributed ledger for carrying out its operations. The latter uses Secured Hashing Algorithm (aka SHA-256) for making transactions. That means the platform will add the transaction details as a block in the blockchain after the customer pays for charging. The miners will validate it next. The greatest benefit of using blockchain technology for exchanges is its decentralized nature. The system will widely distribute the data across every node in the network. Everyone will have access to a copy of the transaction details.
Besides, users won’t need the help of any intermediary financial body or payment processor to make the transactions. While users can add new blocks to the blockchain, they won’t be able to alter the already existing ones. Users’ safety is paramount, and blockchain guarantees it.
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Image and article originally from www.financebrokerage.com. Read the original article here.