Puerto Rico is going through difficult times with its economy already in deep trouble after Hurricanes Irma & Maria last year left the island devastated. Rebuilding the economy and providing the citizens of the island basic facilities such as clean water and electricity are some of the primary challenges the US commonwealth island is facing. And it seems blockchain technology will be making a huge contribution in helping the island come out of this situation.
A few days ago, Walter Higgins, the Electric Power Authority CEO of Puerto Rico, said that it will take them at least a month or two to restore electricity to the remaining 25,678 metered customers who are still without power since the storms. Now, it is almost 1.74% of the total customers using electricity. After trying all the regular modes including emergency fossil fuel-fired generators, solar panels, and batteries, now Puerto Rico has turned to blockchain-based technology.
Power Ledger To Provide Power
Power Ledger, an Australian blockchain technology provider has teamed up with regulators and factories so that the companies in Puerto Rico receive finance through microgrid resources such as battery storage and solar panels. It is also planning to use its blockchain-based technology through which companies will trade power to one another from those resources and then sell supplies to local communities or employees. To make this project possible Power Ledger has roped in a grid resiliency and security expert, Dante Disparte who is the resident of Puerto Rico.
This exchange will allow the locals to purchase power in cash or even in cryptocurrency or labor, as expected by the company. Disparte, who also serves as 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.”
Stopping Community/Manpower Drain In Puerto Rico
In the absence of electricity, many industries have stopped working. The use of blockchain-based technology to trade power will help the pharmaceutical and energy companies in Puerto Rico to restart working. And this will to a large extent stop an exodus of workers from leaving the island to the continental U.S. The company is also trying to focus on rural areas which have been without power since the hurricanes struck.