Verv uses blockchain to reduce energy bills
June 19, 2018
London-based energy start-up Verv is working with Ocean Protocol to use blockchain technology to create an energy marketplace on its VLux Token energy trading platform.
Through the partnership, blockchain-based data ecosystem Ocean will facilitate the creation of a data marketplace, empowering consumers to take control of their electrical data, where it goes and monetise it.
The peer-to-peer energy trading platform is based on an AI-based smart hub IoT device that can obtain a real-time overview of the electricity consumption of a home. The high frequency at which the hub can sample home energy allows it to unlock vasts amounts of big data, not previously tapped into, that can be used to give householders the opportunity to sell should they so wish to get money off of their electricity bills.
This includes data around consumption, renewable tech, purchasing habits, suppliers and home appliances, some of which extends beyond just the energy industry.
The goal is to create a data marketplace where consumers are empowered to have full control over their data and are given the opportunity to monetise them should they choose to share them. Ultimately, the data provided by the smart hub and energy trading platform are valuable to third party manufacturers. Verv believes consumers should have the opportunity to benefit from that in a way that’s fully GDPR compliant.
Ocean Protocol has recognised the exponential growth of the world’s data and the opportunity to unlock them with its blockchain-based ecosystem. With a particular focus on AI, this seems like a natural partnership between the two companies. Ocean uses blockchain to allow data to be shared and sold in a safe, secure and transparent manner.
Integrating Verv with the Ocean ecosystem creates the opportunity to use the data trading system and build a marketplace focused on the consumer.
“Verv is developing AI technology that uses data to save energy and costs for homeowners, while supporting sustainability and smarter homes,” said Bruce Pon, founder of the Ocean Protocol Foundation. “We are excited to work with them to build a data marketplace that uses the data availability and service verification proofs of Ocean Protocol. We see further synergies to integrate their technology into our Singapore development sprints, so that a vibrant ecosystem of data providers and consumers can share data securely.”
As part of the collaboration, Bruce Pon of Ocean Protocol will also be joining the advisory board for Verv.
“Ocean’s aim is to unlock data, particularly for AI, said Peter Davies, Verv CEO and founder. “At Verv, data are absolutely core to the quality of our service offering which is why we are so intrigued by their proposition. Ocean Protocol will facilitate a multitude of data marketplaces, one of which will be the Verv energy marketplace for electricity data. This will allow our consumers to have control over their own data, who they give them to and benefit financially from sharing them with third parties.”