Get Rewarded — Putting Household Energy Data to Good Use!
Co-authored with Ocean Protocol
According to research from the International Energy Agency, our species consume more than a million terajoules of energy every day. That’s enough energy for every person in the world to boil 70 kettles of water an hour, 24 hours a day.
More than half of our energy comes from fossil fuels, a major cause of climate change. The good news is that already around a fifth of the world’s electricity already comes from renewable sources such as wind, solar, and hydro. If we can find more ways to incentivize people to build renewable energy generation, we reduce the impact on the planet and reward people financially, while giving them control.
Let’s examine a new model that is being piloted by Ocean and Verv, where individuals can make educated decisions to get compensated for voluntarily sharing their data.
Imagine an IoT device that sits in your home and continually samples the current and voltage coming into your house at 1 million times a second (up to 5 million times faster than a smart meter), which, in turn, spits out volumes of data that can be applied to machine learning to gain insights into your energy consumption. This is what Verv does.
What kind of insights can you gain when you combine high-speed smart meters with large volumes of household energy data and machine learning?
At a basic level, the data tells you which appliances are switched on and how much they are costing in real-time. Gather more data and you start to be able to identify if an appliance is deteriorating or about to break down. Imagine how valuable this performance data could be to appliance manufacturers.
In addition, your consumption and supply data can help you sell surplus energy produced with solar panels through automated peer-to-peer energy trades. As a general societal good, this supply and demand data is also useful to helping to load balance the electrical grid. The opportunities and implications for data sharing are endless.
Ocean Protocol enables Verv to create its own data marketplace for energy with the goal to give control back to consumers. People can earn VLUX tokens for providing access to their household data. Data sharing, in turn, allows users to offset their electricity costs; in essence, enabling consumers to exchange their data for electricity.
Data can be provided on an individual basis, or aggregated and anonymized across a number of households. This gives people the flexibility to supply data to a range of data consumers, including energy companies, retail companies, appliance manufacturers, and insurance companies — among many others.
According to the World Economic Forum, the world produces 2.5 quintillion bytes of data everyday and 90% of all data has been produced in just the last two years. Massive volumes of data are being generated every second and are yet untapped. There is so much more that we can do when we connect data with AI.
In this case, with Verv sensors and today’s AI, we can optimize energy use by household, reduce utility bills, improve access to renewables, re-distribute excess energy efficiently and reward participants who share data.
Ocean Protocol provides a safe and secure substrate for companies to build data-sharing marketplaces. Verv is empowering people to share their household data to be rewarded. Together, we’re teaming up to build a new Data Economy that puts people back in control while putting data to good use.
Originally published at blog.oceanprotocol.com on January 8, 2019.