Blockchain Enabled Sustainability Revolution
"Sustainability in the years ahead will define profitability," said Pratik Gauri, Founder and CEO of 5ire. He described his company as having a mathematical model that not only measures sustainability but also rewards it financially.
The CEO stated that the world will move to electric vehicles, and there is no second thought about it.
Speaking on the overarching view of his company, he said that financial inclusion through blockchain is the end goal that they are trying to achieve. This includes impacting the 1.5 billion people left out of banking and credit.
The CEO proposed three benefits of blockchain e-mobility that can revolutionise the sector:
Production Cost
Speaking about the vitality of blockchain in mitigating production cost, Pratik said, “With all of the data on the blockchain, one can track the entire mobility supply chain. This further provides statistics on the material every stakeholder consumes. It will allow for a 40 per cent reduction in production costs. From the whole manufacturing setup to the end retailer and consumer, you can end up saving a lot of money as you incentivise true smart contracts on the blockchain. Moreover, you can wire it so that there is more trust, transparency, accountability and security.”
Power Trading:
“The scarcity of charging stations is a major reason for people's hesitance toward electric vehicles. Till the time we achieve sufficient stations, we can do P-P trading, which basically means that one can lend the power station or socket to someone who requires it,” the CEO stated on power trading leveraging the e-vehicle sale.
Digital Vehicle Passports (DVP)
Pratik while describing the importance of Digital Vehicle Passport (DVP) in second hand vehicle market mentioned, “When it comes to second-hand vehicles, the market is huge in India. However, it is difficult to find out the actual health of the vehicle. Moreover, there are incidents of people faking this information too. This lack of trust also procrastinates the process of vehicle procurement. With DVP, one can track the real mileage, reinforcing accountability, transparency and security. This can also boost the business of selling second-hand vehicles, as any data fed onto the blockchain is immutable.”
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