The Program Uses IoT and the Blockchain to Bring Renewable Electricity to Rural Communities
ZUG, SWITZERLAND / ACCESSWIRE / June 8, 2018 / Bitlumens is launching an off-grid solar pilot program in Latin America. The company uses the Internet of Things and blockchain technology to bring renewable energy to communities that are not connected to the power grid. Participants can use this technology to charge their appliances, light their homes, water their crops and establish a line of mobile communication. The acquisition of the technology is done by users through BLS tokens in monthly installments. The data helps users establish a line of credit that promotes financial inclusion and autonomy. Remittances can be sent through tokens, reducing transactions costs and making sure the expenses for water and electricity will be paid. Family members are also free to buy tokens that they can use to cover the expenses of the machine, effectively absolving their water and electricity bills through remittances
The company aims to reduce CO2 emissions in rural communities, which are often forced to depend on outdated technology such as kerosene lamps and candles. These fuels are expensive, and users pay over USD 20 each month for these. Bitlumens began this project in order to provide energy access through cost competitive and renewable technologies. Currently, there are over 2 billion people worldwide that do not have a bank account, severely limiting their ability to participate in the local economy. Access to basic financial services gives our users the freedom to establish their own line of credit, helping them advance their role in society.
Bitlumens understands the value of carbon credits and seeks to decentralize the global carbon credit market, giving rural communities the chance to create wealth by providing access to renewable electricity. Kerosene lamps alone account for around 0.5% of global CO2 emissions, generating 240 million tons of CO2 a year. Replacing kerosene lamps with solar panels in Africa and Asia reduced global CO2 emissions by 1.4 million tons in 2014 alone.
Bitlumens has been endorsed by the UNFCCC on the Carbon Development Mechanism. The CDM allows emission-reduction projects in developing countries to earn certified emission reduction (CER) credits, each equivalent to one ton of CO2. These CERs can be traded and sold, helping developing nations reduce their CO2 emissions. Bitlumens CEO Veronica Garcia commented on the project, ''The technologies of today allow for cleaner and cost competitive solutions usually hidden in research labs. Bitlumens brings these technologies to the last mile while allowing investors to diversify their portfolios.''
About Bitlumens: Bitlumens, founded in 2017 by Veronica Garcia, offers SaaS through a peer to peer network using blockchain technology and IoT, providing transparent financial transactions that empower users to take control of their financial situation. The company also provides data on indoor air quality and the power generation of each participating household. The company developed the first solar pilot program in Guatemala. For more information, all interested parties can contact [email protected] or visit www.bitlumens.com.
SOURCE: Bitlumens