Blockchain energy trading: London startup Verv has performed the UK’s first energy trade on the blockchain
A London-based machine learning startup has completed the UK’s first physical trade of energy on the blockchain.
Verv uses artificial intelligence (AI) to allow customers with renewable energy supplies and battery storage to sell surplus power directly to their neighbours.
The firm is currently conducting a trial at Hackney’s Banister House Estate with hopes of seeing customers’ energy bills fall while it creates an “almost self-sustaining community”.
Thirteen block of flats on the housing estate have been fitted with solar panels, and using Verv’s trading platform energy is allocated to residents based on their needs.
Peter Davies, the chief executive and founder of Verv, said:
We want to use this technology to empower the residents to innovate and create their own trading community.
We plan to use the results of this trial to roll out more energy trading communities across the UK and in turn globally.
Verv was formed out of a group of data scientists and machine learning experts called Green Running, and it recently launched a token called Vlux to enable access to its blockchain-based trading system.
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