A new announcement’s been made this month by Verv, part of Green Running Ltd, which confirms its new blockchain-based peer-to-peer (P2P) energy trading solution is now ready for the market.
This new technology opens the doors to renewable energy and makes it more easily accessible for people.
It will enable customers who have harvested excess renewable energy to sell it directly to neighbors who might not have it. By introducing this kind of technology to the market, it allows those who can’t currently afford renewable technologies to still reap the same benefits as those that do.
The blockchain-based energy trading solution is called Verv 2.0 and was developed out of need.
Statistics showed that only 30 percent of the energy harvested by homeowners was being used. Although the introduction of battery technologies increased this figure to around 60 percent, there was still a huge amount being left unused.
Verv 2.0 aims to solve this issue by using this excess energy to widen the accessibility of low carbon electricity for more households across the U.K.
Verv 2.0 is all set to be simulated across the U.K., having just received a £250,000 grant from BEIS’ Energy Entrepreneurs Fund.
“Improving access to low carbon electricity at affordable prices is at the core of our mission,” said CEO and founder of Verv, Peter Davies. “We’re excited to be pioneering technology that could impact the movement towards a smarter and more flexible energy system in the U.K. – one that puts consumers at the heart of the grid.”
Using advanced artificial intelligence (AI), the solution generates the best price in which to trade the electricity.
A machine learning application predicts how much energy a home will need by effectively mapping historical behavioral trends with knowledge of appliance usage. It also uses advanced techniques to account for environmental factors such as cloud cover and opacity to predict the amount of power that will be generated from those homes with solar panels.
Verv will also be partnering with the UCL Energy Institute’s LoLo CDT in Energy Demand to offer a Ph.D. studentship that focuses on blockchain applications in energy.
“Verv is a global leader in the high-frequency electricity disaggregation and the application of machine learning methods to energy demand analytics,” said Professor David Shipworth, leader of UCL’s research on blockchain applications in energy.
“Combining this expertise with the transaction and authentication capabilities of blockchain creates what could become a key component in delivering cheaper and more sustainable energy to customers.”
Original article London Loves Business