UK's First Energy Trade with Blockchain
- Apr 16, 2018 4:45 pm GMT
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A blockchain trial in the UK has successfully completed its first trade. Previously, residents were unable to take advantage of community solar power due to the structure of the UK electricity market. Verv installed smart hubs for the entire community of Hackney Banister House Estate. This allows residents to generate, store and trade their own community’s energy. In addition, this new platform is able to calculate the energy demand profile of homes, determine the solar energy supply in each storage battery and then allocate power to consumers based on their needs. The first trade captured 1kWh of excess energy from an array of solar panels being sent to a resident in another block within the estate. With advanced AI and machine learning tech, Verv and the use of blockchain will change the game forever. We eagerly await the final results of the trial. If successful, Verv "plans to roll out more energy trading communities across the UK and in turn globally."