Machine learning startup Verv today announced a partnership with blockchain-based data ecosystem, Ocean Protocol, as it looks to create a new energy marketplace using its energy trading platform and accompanying VLUX token.
Through the partnership, Ocean will facilitate the creation of Verv’s own data marketplace, empowering consumers to take control of their electrical data, where it goes and monetize it in exchange for money off their energy bills.
Verv’s peer-to-peer energy trading platform is based on its AI-based smart hub (IoT device) that can obtain a comprehensive and real-time overview of the electricity consumption of a home.
The high frequency at which it can sample home energy allows it to unlock vasts amounts of big data, not previously tapped into, that Verv wants to give their consumers the opportunity to sell in order to get money off their electricity bill. This includes data on consumption, renewable tech, purchasing habits, suppliers and home appliances, some of which extends beyond just the energy industry.
Verv’s goal is to create a data marketplace where consumers are empowered to have full control over their data and are given the opportunity to monetize it should they choose to share it. Ultimately, Verv knows that the data provided by its smart hub and energy trading platform is extremely valuable to third-party manufacturers and strongly believe consumers should have the opportunity to benefit from that in a way that’s fully GDPR compliant.
Ocean Protocol has recognized the exponential growth of the world’s data and the opportunity to unlock it with its blockchain-based ecosystem. With a particular focus on AI, this seemed like a natural partnership between the two companies. Ocean uses blockchain to allow data to be shared and sold in a safe, secure and transparent manner.
“Verv is developing AI technology that uses data to save energy and costs for homeowners while supporting sustainability and smarter homes. We are excited to work with them to build a data marketplace that uses the data availability and service verification proofs of Ocean Protocol. We see further synergies to integrate their technology into our Singapore development sprints so that a vibrant ecosystem of data providers and consumers can share data securely.”
As part of the collaboration, Bruce Pon of Ocean Protocol will also be joining the Advisory Board for Verv.
“Ocean’s aim is to unlock data, particularly for AI. At Verv, data is absolutely core to the quality of our service offering which is why we are so intrigued by their proposition. Ocean Protocol will facilitate a multitude of data marketplaces, one of which will be the Verv energy marketplace for electricity data. This will allow our consumers to have control over their own data, who they give it to and benefit financially from sharing it with third parties.”
Verv is currently conducting an Initial Token Offering for its VLUX token, with the pre-sale now live. This news follows Verv having executed the UK’s first physical peer-to-peer trade of energy on the blockchain during one of its live trials on a community in London.