Lack of transparency and security in power transactions

An apparent lack of transparency and security in power transaction within the continent of Africa remains a major drawback in the quest for solving the crunching energy problem within the continent.

The energy market has witnessed a lot of transformation; with the emergence the renewable energy options which have broaden the horizon and further expanded grid penetration in Africa. The major challenge that comes with the existing centralized grid network is a lack of transparency and security in transaction.

When energy is generated via power plants, they are transmitted to the distribution companies via transmission lines and it is the duty of distribution companies to ensure that energy charges are collected from consumers. Unfortunately, between the transmission ends of the supply chain to the end users, a huge energy loss usually takes place.

Some households don’t have energy meters, thus making it impossible to accurately meter the energy consumed and the corresponding energy charges. Transparency is lacking in the system because consumers are been charged based on estimated billing system. Energy marketers are also fond of diverting utility funds into private pockets as there are no means of ensuring tracking of the energy sent and consumed.

Corruption among electricity service providers in Africa and energy theft by customers also creates losses in the supply chain per annum, which is evaluated to be over 200 million USD within the African continent, with lots of unaccountable energy.

The solarex energy solution which is a Blockchain based energy solution that will be deploying the renewable energy from the sun will ensure not only a transparent model of energy transactions, but will see to the security in power transaction. This is based on a secured peer-to-peer energy trading platform that is secured, fast and reliable.

The Solarex energy solution will offer an innovative, tamper-proof mechanism for authentication, authorization and data exchange between token holders in a seamless, robust and decentralized system.

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Program Coordinator, Nigeria