Startup In New Plan To Provide Nigerians With Affordable Energy Using Blockchain
A Nigerian firm plans to utilize the hot climate in the region to supply affordable energy throughout the country.
Use Of Blockchain In Supply Of Energy On The Rise
The Nigerian electricity crisis might come to an end with the entrance of blockchain technology. A solar startup wants to achieve this goal through the use of a virtual blockchain token. In the end, the firm seeks to lower inhabitants dependence on generators.
The startup, OneWattSolar based in Lagos, hopes to roll out the project to other parts of Africa as well. A report by CNN shows that the firm wants residents to have access to clean energy.
The blockchain project is being spearheaded by Victor Alagbe from OneWattsSolar. He opines that the startup will thrive considering that Nigeria experiences a dry and hot climate. The sunny environment has been viewed as the next potential destination for solar energy
Alagbe added that blockchain technology provides transparency. Clients will be in a position to track funds and buy systems. Interested parties can acquire blockchain tokens in local currency, the naira. The tokens on the blockchain are accepted by ERC20 protocol.
The official added that blockchain technology will cut on costs that are used to power generators. Additionally, the company has plans to launch solar panels and internet routers meant to determine energy consumption. Energy will be billed on a monthly basis based on exact power usage.
At the moment, Nigeria is among the nations which are battling to stabilize the energy sector. The goal of the startup is to ensure many people have access to affordable energy. The company has already enrolled about 6,400 homes.
Also on the startup's waiting list is the expansion plan. By 2025, the company wants to supply energy to about one million households through the use of blockchain.
Tracking Blockchain Integration With Energy Firms
Recently, a number of renewable energy projects have been integrating blockchain into their systems. The blockchain is being deployed due to its ability to keep records safely.
Qtum Foundation inked a deal with Energo from China. The deal is aimed at providing clean energy through the use of blockchain technology.
Another entity in Bangkok also reached a deal with a separate firm to provide renewable energy through the use of blockchain. Through the partnership, locals will be in a position to exchange energy through blockchain technology. In Europe, the Acciona company deployed blockchain to certify the source of renewable energy.