Power Ledger, Blockchain company may soon help Puerto Rico with its electricity issues
It was in September 2017 Hurricane Irma and Maria crossed the Caribbean causing severe damage to several countries and territories including Puerto Rico, Anguilla, Barbuda, the British Virgin Islands, Dominica, Saint Martin, and the US Virgin Islands.
The damage caused by the hurricanes affected water supplies, sanitation, electricity, transportation, medical care, shelter.
Puerto Ricco, the island nation where the power was wiped out by the hurricanes suffered a lot from the lack of electricity post-hurricane. They have tried deploying solar panels, batteries, fossil fuel-fired generators to get the lights back.
Jemma Green, Co-Founder, and chair of the Power Ledger, Australian blockchain technology said that they have hired a grid resiliency and security expert Dante Disparte, from Puerto Rico. The expert can guide them in the U.S territory says Jemma.
The firm is associating with the regulators and factories to aid companies in the finance field so-called microgrid resources such as solar panels and battery storage. The firm is planning to use blockchain technology to give permission to the companies to trade power from the resources with one another. They can also sell their supplies to their employees or local communities. Customers can buy power in cash or cryptocurrency.
Disparte, the chief executive officer of advisory firm Risk Cooperative said, “The next hurricane season is but three weeks away and the grid is not reliable — that is part of the urgency.”
The ultimate aim is to stop the mass departure of workers from the island nation. Also, to hold the business to move to the continental U.S. in search for better reliable power service. Some of their operations are planned to implement in rural areas where the power lines to the household were completely damaged after the hurricanes.
It would take another month or two to complete the restoration of electricity to 25678 metered customers who have been suffering the crisis post-hurricane. These customers represent 1.74 percent of the total customers of the utility, says Puerto Rico Electric Power Authority CEO Walter Higgins said in an interview last week.
Disparte said he isn’t interested in “just building back the old grid waiting for the next crisis and the next wave of financial constraints.” By the end of this year, Power Ledger’s cryptocurrency investors can make investments in Puerto Rico energy assets using POWER tokens.
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