Verv Partners With Ocean Protocol

UK-based green energy startup, Verv, is partnering with the data sharing protocol, Ocean Protocol to create a data marketplace in which consumers can share their energy usage data in return for savings on their energy bills.

The Partnership

Verv has a peer-to-peer trading platform called VLUX, which is based on an Artificial Intelligence (AI) powered hub – an IoT (Internet of Things) device which will measure energy consumption in a home. With such a powerful platform, the company can sample home energy consumption with much higher frequency, meaning that there is a chance to collect a lot more data for analysis. The data analysis would in turn provide a much clearer picture with regard to energy consumption, the usage of appliances, renewables as well as consumer energy spending habits.

Using this data, the VLUX smart hub will be able to predict how much energy a household consumes, which will then help reduce energy wastage. Consumers who use this platform can also trade their energy with other households via the Verv blockchain.

Ocean Protocol has a tokenized service offering which will help the platform organize as well as monetize the data that is collected by members of this energy network, while offering a safe, secure and transparent environment.

The partnership between Verv and Ocean Protocol will help consumers make money from their excess energy and also save costs. Users can join this marketplace of energy data, and find out how much energy they actually consume, so that they get just that much and can save on their energy bills.

Compliance and Data Protection

To ensure the highest levels of safety for its users, the marketplace is also going to be completely compliant with the EU’s General Data Protection Regulations.

As consumers, we are used to sharing our data in exchange for accessing programs or services or apps. This data we unthinkingly share is used in ways we are not even aware of, as was made clear by the Facebook-Cambridge Analytica scandal. And this is where the partnership between Verv and Ocean Protocol will make a difference.

Consumers will have complete control of their own data. Maria McKavanagh, the COO of Verv, says the marketplace is built in such a way that users decide if they wish to share their information in the marketplace or not. However, those who do decide to share their information will be given VLUX tokens as a reward, which they can use to further reduce their electricity bills.

And since Ocean Protocol guarantees information will be shared securely and only for the purposes communicated transparently, consumers are less likely to be wary of using this marketplace.