Nigeria is one of the few countries if not the only country only country in the world where its citizens heavily depend on generators due to the epileptic power supply. And even though the country returned to a democratic form of government since 1999, successive governments have been largely unsuccessful in providing tangible solutions but one startup is set to change that by replacing generators with renewable energy in Nigeria using blockchain technology. That startup is none other than OneWattSolar, a startup based in Lagos, South West, Nigeria.
The idea is simple. OneWattSolar wants to allow its customers to pay for solar energy using blockchain technology. The more interesting thing to note is that customers will not be required to pay for solar system infrastructure because these will be funded by financial backers.
It was a concept Victor Alagbe, the company’s vice president of operations and blockchain strategy, had been thinking on when reading about Elon Musk says CNN
What is a Blockchain?
According to Wikipedia, a blockchain is a growing list of records, called blocks, which are linked using cryptography. Each block contains a cryptographic hash of the previous block, a timestamp, and transaction data (generally represented as a merkle tree root hash).
A blockchain is designed to be resistant to modification. It’s like a ledger and once the transaction is recorded, it is usually permanent and easily verifiable. This is great especially when people are interested in how their money is being spent and it helps in tracking customers’ use as well.
It will be heartwarming to see this technology work out and it will be exciting to kiss generators goodbye in Nigeria in the nearest future.
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