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South African start-up using Bitcoin for pay-as-you-go electricity

by Futures Centre, May 12
1 minute read

Bankymoon is a start-up using Bitcoin as a cryptocurrency to perform remote payment transactions using Bitcoin-compatible smart meters. Their offer is a kind of smart contract: special, prepaid meters in homes and organisations only release power once residents have topped up their accounts and transferred money to the electricity provider. Using Bitcoin, it’s possible for a donor in Europe or North America that wants to support cash-deprived schools in parts of Africa to send crypto-money directly to a smart meter to a school of their choice, thereby allowing the schools to be supplied with electricity automatically. During the Cambridge MIT Enterprise Forum in early 2016, one Bitcoin was transferred to the Emaweni Primary School in Soweto, South Africa, sufficient for around three weeks’ worth of electricity supply for the school.

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