ChargeSwap

Problem Context

The government has set a target that 30% of all vehicles be electrically driven by 2030. For this aim to be realised requires that strong incentives be created for the manufacture, sale, and usage of electric vehicles. In addition, it is expected that the increased usage of EVs will substantially increase the usage of batteries to power them.

Solutions

• ChargeSwap allows the user to seamlessly make a simple transaction to the system and get their discharged batteries swapped for batteries with maximum charge at the lowest costs possible implemented using MetaMask and Biconomy as a protocol layer.
• The product ensures the immutability of battery information storage by using the IPFS (InterPlanetary File Storage) protocol to store information such as age of the battery and its previous treatment in an immutable fashion, thus removing the possibility of misrepresentation to increase price or lower cost of usage.
• ChargeSwap, through the blockchain-based methodology, enables programmable transfer of funds as when the encoded conditions are met, funds can instantly and frictionlessly be transferred from source to destination. This is in stark contrast to the current system where payments go through separate routes and databases, and information asymmetries can arise. Blockchain smart contracts cannot be modified once published, and their fund transfers cannot be intercepted.
• It also enables smooth integration of Web2 users to the Web3 space by allowing for Social Logins to create SmartAccounts using Biconomy. This allows users to carry out transactions on the blockchain network without having to own a Wallet.
• Usage of blockchain to store information on the sources of energy used to charge the battery may help inform choice to incentivize usage of sources of renewable energy.

ref: https://www.niti.gov.in/sites/default/files/2020-01/Blockchain_The_India_Strategy_Part_I.pdf