Bankymoon is a South African blockchain consultancy and software company that was founded in 2014 to offer bespoke solutions to clients who want to integrate bitcoin and other cryptocurrencies into their systems.
According to Bankymoon’s CEO, Lorien Gamaroff, the Johannesburg-based startup aims to help institutions to embrace the blockchain. He believes the technology offers a more straightforward platform for people to develop business systems as well as an opportunity for the unbanked population.
Bankymoon’s smart power grid meters
In 2015, Bankymoon announced “bitcoin’s first killer app” dubbed ‘Smart Grids and the Blockchain’. The startup is providing people with the opportunity to top up so-called smart meters using the digital currency bitcoin in real-time. This allows individuals to pay for their utilities without having to use traditional banking solutions that can be subject to high transaction fees.
The Bankymoon smart meters come with their own unique bitcoin addresses. At the point where a smart meter receives a payment in bitcoin, Bankymoon computes the tariff and then tops up the meter for the user. The integration of digital currency payments into smart meters enables individuals to “send” electricity, gas, and water to anyone, anywhere in the world by topping their utility meters using bitcoin.
“An international student who needs to top up their meter needs to phone their parents and ask them to send money. Then the parent now doesn’t have to remit anything. Instead, they can just go and top up the meter using bitcoin,” said Gamaroff.
Gamaroff believes that the blockchain can be revolutionary for the energy sector. He says that users in the far south country could pay less if municipalities and utility suppliers agreed to embrace the new smart meters.
The blockchain provides a system of distributed ledgers, which replaces the human labour offered by municipalities and power company. Thus, the meters can reduce power bills and boost industrialisation as well as rural electrification.
Integrating the bitcoin blockchain into the electricity grid allows users to make automatic payments directly from their wallets. This is likely to get rid of late fees and thus reduce power debt. It also enables well-wishers to make generous contributions by paying electricity bills for schools, hospitals, and the needy.
Gamaroff adds that the smart meters are ideal for reaching the unbanked population. The programmable money nature of bitcoin, he says, will help the developing world to enjoy the integration of the blockchain to the smart grids.
To see Bankymoon’s bitcoin smart meter application in action, you can contribute to the company’s social project that enables donors to directly provide electricity to needy South African schools by sending bitcoin to the schools’ smart meters.
Consultancy services offered by Bankymoon
Alongside its bitcoin-powered smart meter project, the startup also offers blockchain consultancy services, seminars, and workshops. For example, Bankymoon helps organisations to understand the benefits and drawbacks of integrating private versus public blockchains and analyses existing systems to make valid recommendations on how to make them more efficient through the implementation of blockchain technology.
Bankymoon also develops blockchain-based systems, such as APIs that make the creation and management of digital assets easier and more user-friendly.