THELOGICALINDIAN - Bankymoon a South Africanbased Bitcoin solutions aggregation is alteration how bodies pay for utilities authoritative them added affordable Bitcoinist batten with Lorien Gamaroff architect and CEO of Bankymoon to acquisition out added about the account crisis in Africa and what Bankymoon is accomplishing to break it Lorien a South Africa built-in aggregate with us about the crisis and how it is impacting Africans and the apprenticeship system
Also Read: Bankymoon Offers Bitcoin Solution For Paying Utility Bills
Africa’s Utility Crisis
Today, Africa is in a accompaniment of crisis due to its accepted unsustainable account metering system. This metering arrangement is what’s referred to as “post-paid,” acceptation consumers pay afterwards they accept captivated the utility. Many Africans acquisition it difficult or absurd to pay their account bills due to aggrandized account costs and inefficient acquittal solutions. The crisis is severe. Lorien states:
Inflation occurs because anniversary bill goes through several altered middlemen who anniversary allegation a fee. When bodies cannot allow their bills, they resort to non-payment or account theft.
To action this boundless affair of cost-recovery, a cardinal of African countries are now deploying pre-paid acute meters. “This works the aforementioned as pre-paid airtime on a adaptable phone,” Lorien explains. However, this does not fix the problem, he says, because “80% of Africans don’t accept coffer accounts.” Therefore, they will still accept to accomplish their payments application cash. Paying with banknote decidedly increases the costs to consumers and requires the charge to biking to accomplish payments.
Bankymoon’s Solution: the Blockchain Smart Meter
According to Lorien, the band-aid to Africa’s account crisis is to apparatus pre-paid blockchain acute meters. “It’s an African band-aid for an African problem,” he states. Bankymoon has already developed this blockchain technology and it can be activated to any acute meter.
These blockchain acute meters are actuality implemented by Bankymoon throughout South Africa. Each beat has one or added agenda wallet addresses affiliated to it. They are loaded by sending agenda bill to the address. When a drop is made, the customer’s annual is accustomed at the accepted barter rate.
Usizo: A Platform For Change
Bankymoon is additionally developing Usizo, a crowd-funding belvedere to advice disturbing schools in Africa and accommodate how bodies accomplish donations. Lorien describes the attempt African schools face:
African schools that are in charge will be accustomed a Bankymoon meter. Anyone in the apple will be able to accelerate money to its assigned Bitcoin address. This will be a absolutely cellophane donation process. All donations will be activated anon to the beat and can be beheld on the blockchain.
Usizo is appointed to launch by the end of this month.
What do you anticipate about acute meters? Do you anticipate they can break Africa’s account crisis or advance education? Let us apperceive in the comments below!
Images address of Bankymoon
