THELOGICALINDIAN - Most bodies on this planet will apperceive how the blockchain can be acclimated for assorted purposes and the banking ecosystem is aloof the tip of the abstract Aloof a few weeks ago the Cambridge MIT Enterprise Forum enlisted a focus accumulation to appear up with a absolute activity use case to administer electricity over the blockchain One of themore able presentations came from none added than Bankymoon a aggregation attractive to absorb acute electricity meters with blockchain technology
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Bankymoon Smart Electricity Meters
This action by non-profit alignment Cambridge MIT Enterprise Forum generated a lot of absorption from the blockchain community, but additionally from accustomed technology companies. Consensys and IBM were two of the abounding companies giving a presentation on how the blockchain could be acclimated to actualize alleged “smart electricity grids,” which do not await on a axial administration system.
What was agitative is how one South African aggregation — alleged Bankymoon — gave a presentation on innovating the activity area in general, rather than alone absorption on the banking ancillary of things. The activity industry in South Africa is activity through a rough patch appropriate now, as account suppliers and municipalities do not see eye to eye in best cases. In turn, this leads to problems back aggravating to balance costs from customers, which causes electricity amount inflation.
Blockchain technology could comedy a cogent role of accent in allocation out this situation. Not alone would broadcast ledgers actualize an befalling for abbreviation aggrandized prices, but it could additionally abetment account suppliers in accouterment a added cellophane account overall. Rather than application a post-paid system — which leads to ascent debts as consumers and municipalities do not pay their bills on time — a added applicable band-aid is needed.
Bankymoon has appear up with a arrangement that aloof ability work. If the aggregation can argue the activity area to accept their idea, consumers will be able to top-up a smart prepaid meter by application agenda currencies. But that is not all, as these payments would be acclimatized automatically, by using acute contracts. Doing so would abstain any backward payments and abate debt to abreast zero.
Not alone could this account consumers — as they can pay for what they charge and adore lower prices in the approaching – but it additionally helps activity suppliers in accepting paid on time and abstain disputes with barter and municipalities. Moreover, the agenda bill payments would be adapted on the go, attention activity suppliers from amount volatility.
Targeting Schools In Need of Affordable Electricity
Although it is not the aboriginal time Bankymoon proposed such an idea, the aggregation is accomplishment advanced with this abstraction and expects a abounding barrage by the end of March 2016. Their aboriginal action will focus on South African schools in charge of affordable electricity from a reliable source. Bankymoon intends to accommodate these schools with their acute activity beat to see how able-bodied their abstraction translates to absolute life.
But there is added to this project, as agenda bill enthusiasts from all over the apple will be able to crowdsource micropayments for accessible utilities during this initiative. Every acute beat for electricity has committed agenda bill addresses, which anyone can use to accelerate funds to. This access serves two purposes: schools in charge get the electricity they crave through donations or self-funding, and the agenda bill ecosystem assets a accepted real-life use case in the anatomy of acute meters for electricity.
Will this abstraction by Bankymoon assignment in the continued run? Or is there a bigger access you can anticipate of that could break the South African activity issue? Let us apperceive in the comments below!
Source: BitcoinHub
Images address of Bankymoon, Shutterstock
