📣Verv’s energy consumption data live on Energy Web Foundation’s test network📣
As many of you may already know, Verv is an affiliate of the Energy Web Foundation (EWF), a global nonprofit organization focused on accelerating blockchain technology across the energy sector. EWF is building the foundational blockchain technology — the digital DNA — on which the ecosystem can build, test, and run their applications.
With multiple live trials underway for our peer-to-peer (P2P) energy trading platform, we couldn’t be more driven to bring a new and improved energy landscape to fruition. Partnering with EWF is a reflection of our ongoing commitment to combine efforts with relevant parties and organisations to maximise the growth and scalability of the VLUX trading network and therefore the utility of our token.
Energy consumption data from real home now live on Tobalaba
As part of this, our team of developers have been busy integrating our technology into the Energy Web Foundation network and are pleased to announce that our aggregated ultra high resolution energy consumption data, that’s being derived from a real home, is now live on their test network that’s named Tobalaba.
The benefits of high resolution energy data
Whilst also compatible with smart meters, our P2P energy trading platform is based on our IoT hub which samples energy data coming into the home up to 5 million times faster than a smart meter. Like taking a picture with a super high res camera, this means we can obtain granular details around consumption. And by applying AI to that information, we can even determine which appliances are on in the home in real-time.
This enables us to build up comprehensive consumption profiles for households and therefore use machine learning to predict the demand for energy on a daily basis. In tandem, we use AI-based satellite data to in order predict the supply of energy based on solar power generation. By combining these two elements, we can automate trades of energy in advance in order to buy/sell energy at the best economic value for both parties.
Our powerful data analysis tools and unique learning abilities thus add a whole new layer of intelligence to energy trading.
A new light node on the Tobalaba Energy Web Chain
The Verv hub is being used to simultaneously monitor energy flows, and function as a light node on the Tobalaba Energy Web Chain and we’re excited to be bringing our technology to life on this wider network, ensuring seamless integration and therefore scalability. If you’re interested to see the data transactions we’re posting on the Tobalaba Energy Web Chain, check them out here.
Energy Web Foundation Affiliate Forum & European Utility Week
Last Monday we attended the EWF Affiliate Forum in Vienna where we caught up with the other amazing companies working towards accelerating the transition to a decentralised, democratised, decarbonised, and resilient energy system. The Forum consisted of both start-ups and utility members sharing best practices and knowledge on their projects, ranging from proving origin of energy, to developing a transactive energy platform. Members of the core EWF team, working on the connection between hardware and software (the ‘Link’ team) were keen to learn more about Verv’s hardware offering, and work together to develop solutions for the Energy Web Ecosystem.
We also had the pleasure of presenting, as well as exhibiting alongside EWF at European Utility Week in Vienna where we received some amazing feedback on our P2P energy trading project in East London. The audience were keen to hear about the significant progress we’ve made on the regulatory front, our partnership with a major UK utility, and the significant potential of P2P energy trading and its ability to transform our energy system.
Don’t forget to join our Telegram group to keep up to speed with our latest developments!
Written by Verv’s Lead Engineer Thomas Clarke