South African solar developer to use blockchain, cryptocurrency for insurance

Posted On: May. 8, 2018 7:26 AM CST

South Africa-based solar developer The Sun Exchange (Pty) Ltd. plans to use blockchain technology to create a solar project insurance fund, Greentech Media reported. The firm plans to set up the insurance fund to cover the cost of relocating photovoltaic plants to new sites if the original electricity offtakers default on payments. The Sun Exchange said that its Ethereum cryptocurrency, SUNEX, would be used to set up the insurance fund.