Despite its abundance of natural resources, Africa’s energy demand far exceeds the energy supply. Nigeria with its shortage of 173,000MW shows the share scale of the energy challenges for this promising continent. In Rwanda, only 18% of the population has access to electricity in rural areas. Fear no more, blockchain is here.
Decentralised energy allows for the establishment of an distributed ledger that records energy consumption, credit histories, and energy trading between households.What we have is an economy within an economy itself. We find that the blockchain could allow for consumption and entrepreneurship by the consumer at the same time.
A system whereby the consumers of energy are able to trade excess energy with other consumers through a sophisticated blockchain ledger, allows for more efficient management of electricity across power grids in Africa. Consumers effectively gain more control over their energy requirements and consumption. An example of this incredible innovation is a project by Microgrid which gives its users the ability to sell their excess solar energy to others.
The future holds a lot for blockchain and Africa. Africa could indeed find itself advancing a lot quicker than expected as a result of blockchain technology penetrating the very echelons of its societies. It is truly incredible what could be achieved with blockchain technology in Africa. Thank you, Satoshi. Thank you.