The country of Puerto Rico has been suffering from a power crisis for nearly eight (8) months now after Hurricane Maria battered the island and destroyed a lot of its infrastructure, including its electrical grid.
Power Ledger, an Australian startup, will be using blockchain technology to help bring back stable power to the island that has been suffering continuous power outages as a result of the damage. Power Ledger was reported to have already hired a grid resiliency and security expert to lead this cause.
First, companies or even home owners should have access to micro-grid resources such as solar panels. Power Ledger, by the use of blockchain tech, will allow the trade of the power from these micro-grid resources among each other. Through this, those who are in need of power can just easily buy any surplus power generated by another company or home with cash, cryptocurrencies, or even with just labor.
The Puerto Rican government is also looking to blockchain startups to help boost its economy and recover from the effects of hurricane Maria. The tax incentives Puerto Rico has offered these companies have paid off as more than 800 companies have relocated to the island country to do business.