How To Give Electricity To 1.2 Billion People Using Blockchain

Video Transcription

What is Bit Lumens?

Welcome to the earn Harbour show my special guest today is Veronica Garcia the CEO of Bit Lumens Veronica thanks for joining my thanks for having me my pleasure.

Tell me what is Bit Lumens? Lumens it’s a company that started in 2017, we bring power and water to women farmers mainly in Latin America, right now we have a pilot running in Guatemala and we leverage on the blockchain and Internet of Things to develop the project.

How do you bring electricity and water to these people and is it exclusively women it’s exclusively women because data shows that women pay for installments, well sorry but men drink it you know so this is one of the main reasons why we do it also 80 percent of farmers in Africa are women.

So if we want to expand to that region this is really important we bring power in water using solar devices so this is a small panel with a battery, it’s 3 3000 milliamp hours batteries very small and then it you can power the house for 5 hours these are small houses we bring also efficient appliances that are powered by DC so we don’t need inverter efficiency are higher of course for DC, current yes correct so then it’s you know very useful for them to have this small hardware, we go and install it in this houses and they would get electricity for about 5 hours.

We install the lights we install TVs if they want to install radios as well and we could also have solar pumps for them to have irrigation to order their crops and this is all through solar energy. Are you familiar with any of the work done by Martin Fisher in terms of in Africa that he has a human propelled pump water pump that has had where you can actually use it with human power to irrigate about an acre that is transformational in a number of countries in Africa?

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So it sounds very similar, it’s a very similar approach there are many companies you know providing this type of hardware what we do extra is we include the sensors that tell us what is the power generation and we also build a model that shows us what is the carbon mitigation, so we know what type of fuel they were using before this machines like for instance diesel generators biomass, like wood and then we show what is the mitigation happening over a certain period of time like for instance you can do it through satellite imagery you know, we will tackle the forestation in certain areas we collect the data over a period of let’s say one year and then feed the models.

To see you know what is the carbon and black carbon mitigation and the black carbon is you know when you burn wood or you’ve been burned kerosene you emit particulate matter PM 2.5 and that’s something that our sensors measure…they measure their air quality indoors.

What is blockchain technology

Tell me about your use of blockchain technology and actually start off with for my audience an explanation of what blockchain technology is, blockchain technology is a distributed ledger which means you have a block of information Dsegregated into many pieces and then to put it all together again so it’s impossible to hack and to put it together again you would need validators to do that and validators are you know are different protocols like proof-of-work used in Bitcoin, it uses a lot of energy right now.

Bitcoin uses about 50 terawatt-hours per year of energy so it’s not really environmentally friendly and the way this protocol works it’s very secure though it’s one of the most secure protocols and that’s why it needs a lot of energy to solve these mathematical puzzles, that this machine’s called let’s say ASIC machines solve over a period of 10 minutes so the faster and the better the Machine you know that the faster you solve the puzzle and that’s the way they validate and there are other protocols aetherium uses proof of stake which is a protocol iterative type of protocol where you have people with with coins and the more coins you have the higher the probability you can become a validator.

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There are other protocols that are linked to letting’s say zero proof of knowledge and we are also using those for our sensors you have a prover and you have a validator and then the validator has so verifier and the verifier has to say whatever digital statement I put out there it’s actually true and then the prover has to actually prove with minimum information that’s actually happening so you know you have all these protocols that over time I think consume less and less energy, which is it’s beautiful because then you can create a trustless type of system but with Bitcoin, my impression is that as that has progressed to create more Bitcoin on a per-unit basis.

WEF Africa Debate: 10-Years of Cryptocurrency – What’s Next?

Cryptocurrencies had a wild year in 2018, with over $480 billion of value wiped off the entire market, according to data from Coinmarketcap. After hitting a record high in 2017, bitcoin, the world’s largest cryptocurrency by market capitalization, fell dramatically. In 2019, cryptocurrencies showed some green shoots again. Whilst some believe that the price of bitcoin could nosedive to zero, Facebook unveLibrailed plans for a new cryptocurrency called, sending cryptocurrency optimism to an all-new high. Could this be the breakthrough this new transactional currency needs? Where is cryptocurrency 10-years on and what could the future hold? Watch the video for more.

Blockchain in Africa

Ethereum the religion, all hail the dogewhale, Visa runs into big trouble, and blockchain offers so much for Africa. NAC3 Link …

PIRO4D (CC0)

Bitcoin & Cryptocurrency News – Ethereum Religion, Visa Troubles, and blockchain in Africa admitting this is the competition we got to start doing something here or we’re gonna get crushed by these decentralized solutions that are so much more attractive than what you have to offer banks, I feel like any bank that isn’t pushing to be part of this is going to get just crushed by the wheels of history by cryptocurrencies.

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Trying to stop people from buying Bitcoin

We’ve covered a few stories here on the show where for example some banks in the Netherlands are offering cryptocurrency wallets for their customers but that is really an anomaly overall as most banks have been taking quite negative stances against cryptocurrency, trying to stop people from buying them but it just doesn’t work bitcoins too popular at this point.

State-backed crypto

Estonia scales back plans of ambitious state cryptocurrency Estonia is such a leader when it comes to these different technological innovations it would have been a really great use case for digital crypto, even if it’s state-backed crypto still would have been a really cool situation to see come forward maybe we’ll still see some iteration of this in the future and of course there’s a lot of other countries that are looking at this solution.

Some countries have already implemented it, for example, the Marshall Islands now has their own state-run digital cryptocurrency, be nice to see some big players like Switzerland, for example, they’ll get on board who will be partnering with Korean and Chinese investors, support Blockchain initiatives who ob has been very active recently in trying to expand the reach of their exchange into new markets but also in making these kinds of connections this is…

 

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