Our ultimate goal is to make peer-2-peer energy trading of renewable sources a reality, radically reducing the environmental impact of current energy consumption and empowering consumers to become true ‘prosumers’ for the first time in the industry.
While enthusiasm for renewable technologies such as solar PV is unprecedented, high upfront costs and inhibiting optimal usage are some of the challenges preventing wider market uptake.
We want to bring clean energy sources to the masses. And that’s why we’ve developed a blockchain system using our artificial intelligence technology that can allow consumers to buy, sell or swap excess solar power directly with one another, completely decentralising the grid.
The system works in the favour of both those who have been able to invest in roof-top solar and those who want access to clean energy at an affordable rate, bringing to life a completely revolutionised structure that minimises our dependence on the grid.
What is Blockchain?
Blockchain is a special technology enabling peer-to-peer transaction platforms and is known most as the basis behind Bitcoin. Bitcoin enables people to trade without the need for banks. In the energy industry, this means being able to share power between neighbours and communities, providing an opportunity to reduce energy bills and even power homes, towns and cities for free.
How does it work?
The system works by combining two of the most interesting developments in the energy field; high frequency electricity disaggregation for individual appliance recognition (see Verv), and distributed ledger (blockchain) technologies for authentication of demand side response (DSR), and as a platform for DSR trading.
Our home energy assistant, Verv, samples electricity data directly from a meter in the home at extremely high frequencies, enabling us to fully disaggregate the data and identify individual electrical appliances currently turned on, in real-time, out of the box.
We’re able to see the power consumed by each appliance, and map behavioural data based on its usage and performance, to detect whether it’s deteriorating and how eco friendly it is. Using this data, the system can predict how much electricity will be required by the home, as it knows what appliances are likely to be in use and what electricity they will require.
What does this mean for homes?
By combining solar panels with local battery storage, users have the capability to generate enough electricity to power their homes without having to draw from the grid, all managed through Verv. For homes generating excess electricity, blockchain technology can trade this excess with a neighbour who has a higher demand, and become the energy provider without depleting their own supplies. The energy provided will have come from renewable sources, and thanks to the trading platform will ultimately be cheaper than drawing directly from the grid, which will remain an option should demand be high.
We have been working on this technology since late 2016 and are excited to be working on a number of ongoing projects and field trials, with support from government grants, which will help to inform Ofgem regulation around peer-to-peer energy trading. These include the creation of the first live energy trading community on Hackney’s Banister House solar in collaboration with Repowering and a large-scale simulation of our solution using data from real homes.
Get in touch
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Our Blockchain News
We’re pleased to announce the launch of the UK’s first energy trading community at Hackney’s Banister House estate. The field-trial, delivered in collaboration with Repowering London, will be the first time energy is physically traded in the UK through our blockchain-based peer-to-peer (P2P) energy trading solution – Verv 2.0, providing cheaper energy to its residents.read more