Let's talk again African startups based on blockchain who deserve to be talked about. So, today, we are going to look at OneWattSolar which I personally really like. I tell myself that this can also inspire other African entrepreneurs who are interested in blockchain on the one hand and green energies on the other.
The Nigerian start-up, OneWattSolar, leverages blockchain technology to provide low-cost solar energy to Nigerians. The company wants to reduce energy costs (and especially electricity) for Nigerians.
An innovative concept to bring more electricity
First of all, OneWattSolar distributes solar panels which will therefore provide electricity at a lower cost, knowing that in Nigeria, the sun is...how to say...well present. This is therefore a unique opportunity for Nigerians (and Africans) in general to have energy resources at lower cost and less polluting.
“[Blockchain] provides transparency, you can see the use of funds, how many systems we have purchased and how many are in use. On a traditional service using fossil fuels, energy consumption is approximately 70 Nigerian naira (or $0,19) per kilowatt. But the blockchain system is 50% cheaper,” said a company representative.
However, this is not what makes OneWattSolar special, because there are, in fact, many companies that supply and distribute solar panels for individuals.
What makes the difference with OneWattSolar is the payment that the company offers to its customers. When using OneWattSolar's clean energy solution, customers do not have to pay for the setup of the solar panel system. Instead, it comes with an internet-enabled router that will collect data on energy consumption to ensure customers are charged for exactly what they use. Likewise, the solar panel will also alert the company of any problems that may arise.
The possibility of investing for additional income
The idea of using blockchain for its solar solution is to enable transparency between all stakeholders and reduce the costs involved between all parties.
Not very clear yet?
You will understand better how it works with the following paragraph ;)
In fact, the OneWattSolar company also allows people to invest in large-scale solar panels. For example, solar panels installed on the roof of hospitals or other similar institutions. Thus, the site gives you the opportunity to invest in the panels and receive interest.
Where is the blockchain in the process?
The company has certainly shown its interest in blockchain because it will make the process simpler. Smart contracts will of course be able to formalize investments. That said, it is not yet clear how blockchain will be used in the process as a whole.
The renewable energy industry in Africa, a sector in strong growth
For decades, African countries – including Nigeria – have lacked adequate energy infrastructure. According to a 2016 report, only four in ten Africans have access to reliable power supply. In 2017, Nigeria was ranked as the worst electricity supplier country, while research by the World Bank shows that 42% of Nigerians do not have access to electricity.
It is therefore really a sector in which companies must be innovative. There is indeed a lot to do.
OneWattSolar launched its operations in January 2019. The company has been present in the territory for barely a year. Even if it is still in its infancy, we can still welcome the initiative.
The clean energy startup hopes to provide more than a million homes without electricity in sub-Saharan Africa with solar energy via blockchain by 2025.
OneWattSolar is part of GoSolar Africa, a renewable energy company that has been operating for eight years.
To make a brief aside, it is not just Nigeria that is seeking to reverse the trend.
In order to tackle this problem, the renewable energy industry in Africa has seen enormous growth. Moreover, Morocco plans to power more than a million homes with a new solar power plant which would be the largest in the world, while Ghana has announced its intention to increase the consumption of renewable energy by 2030.
So that's it for this short article in which I simply wanted to show you that many entrepreneurs are getting started thanks to blockchain, and that's a good thing. A good thing for Africa and for the world as a whole.
No? What do you think?
Super