The Sun Exchange (Sunex), a marketplace enabling people to lease their solar cells, aims to use bitcoin in order to improve the access of solar energy throughout South Africa.
It permits investors to purchase solar cells and distributes the returns in bitcoin or fiat money.
Furthermore, investors can purchase solar cells in bitcoin or South African Rand, which encourages prospective investors to use cryptocurrencies, as it provides them with a physical solar asset.
Sunex has received the 2017 Global Blockchain Challenge award in Dubai, as it presented the most promising solutions using blockchain trechnology. This award will enable Sunex to pilot its products in Dubai, and participate in advancing the Dubai Blockchain Strategy.
In brief, Sunex built a blockchain framework that can transfer the value of solar energy, while keeping an unchangeable record of earnings and ownership. At the same time, regulators can enforcve toll fees via smart contratcs.
It believes that cryptocurrencies and solar technology are complementary, as they are decentralized and democratic forms of money and energy, respectively. In addition, it reports that 75% of its members who hired the cells using fiat money, requested for their returns to be in the form of Bitcoin. This entails that cryptocurrencies are essential in the growth of the economy of the African market, as their advantages include accessibility and low cost peer-to-peer payment systems.