How Solarex is bridging the energy deficit in Africa via Blockchain Technology

Africa’s energy deficit continues to make negative impacts on economic growth, employment opportunities, agriculture, health care and good education. The African continent no doubt, amidst all these plagues that bedevil her in virtually all economic sectors is blessed with startling potentials, resources and good climatic conditions.

But unfortunately, decades of poor and corrupt political leadership controls has added more levels of underdevelopment to the economic sectors of most African countries.

One sector mostly hit by this plague of corruption and lack of transparency is the energy sector. Solarex has identified this critical area of development and observed that it is an essential ingredient for seamless and robust economic development.

Developed countries have their own levels of problems but their energy sector surely is top-notch and a model for Africa to learn from and improve. There is an urgent need however, for Africa to restructure the way energy is distributed across her large expanse of geographical networks.

National Grids now seem bureaucratic, inflexible, corrupt and way too far to reach a great many societies, given the way the societies are structured and sparsely scattered. Hence the need for the introduction of off-grid and standalone systems using renewable energy sources that offers electricity and power to the populace.

The good news is that Solarex Energy solution is decentralized, robust, cheap and clean. Solarex is deploying Blockchain Technology in a Smart MicroGrid model that would allow easy access by all and thus help put an end to the energy deficit challenge in Africa. It is flexible and can also be linked back if enough energy is produced.

If a grid system produces more electricity than it needs, it can be sold back to the central grid. But for such a transaction of this sort to be a success, there must be the existence of a decentralised  transaction platform that allow individuals to sell the energy and get returns on what may later seem to be a sort of short-term and long-term investment. Solarex Energy Market Place is the exact place where Prosumers and consumers meet for buying or selling energy in a competitive rate. This sort of transactions is made possible via the deployment of Blockchain Technology.

Blockchain is a new technology developed to enable peer-to-peer transactions without an intermediary and a central control. It has the capability and wherewithal to change the way records are arranged and how transactions can be authenticated without any form of alteration.

With energy sectors around the world shifting from centralised systems, the blockchain technology seem the best solution to provide a decentralised transaction platform which Africa needs to embrace quickly and adopt if she so craves for technological advancements beyond her imagination.

With the emergence of Blockchain technology and its multiple functionalities gaining ground in virtually all sectors of the African economy, the blockchain technology has continued to find impressive significance in the African continent.

Blockchain technology can reduce widespread corruption in a continent where there is lack of trust, accountability and transparency. Blockchain technology with its massive cutting edge capabilities can also help overcome electoral fraud, land theft and grabbing, reduce energy deficit increase the level of trust in government of most African countries, most of all, since Energy is synonymous with development, the blockchain technology is capable of bridging the energy deficit in Africa through a more non-centralised and transparent technology. This blockchain technology is the next best thing for the African dream to come to fruition.

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Program Coordinator, Nigeria