Verv undertakes UK’s first blockchain energy trade

Firm takes step towards creating community energy sharing networks using AI and blockchain technology. 

Verv, the creators of a smart-meter connected energy analysis platform, have announced that it has moved one step further in its plan to create a peer-to-peer energy trading community by completing the UK’s first physical trade of energy on the blockchain.

The trade, which took place across Hackney’s Banister House Estate, used Verv’s renewable energy trading platform, which the firms hopes will eventually link a myriad of renewable energy sources, allowing them to share what they produce using its AI-driven smart contract exchanges, bringing down their energy bills.

The trial, funded by a grant from Innovate UK, is only currently in its early phases. However, this first trade – using the Ethereum blockchain’s ERC20 smart contract standard – saw 1kWh’s worth of power, stored in batteries attached to one of the estate’s 13 solar panel arrays, sent to a user in another block. Eventually, Verv hopes that its home hubs, which analyse smart meter data to build a detailed personalised energy usage profile for any given household, will eventually interact en masse in community networks in this way. That will allow its AI algorithms to best allocate excess stored green energy among its users based on prediction of demand, all in an automated process utilising similar smart contracts. This, it hopes, will prove cheaper for its users than drawing energy from the wider national grid – and far more environmentally friendly.

Verv CEO and founder Peter Davies said Verv wants “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”, he added.

The news comes following the recent launch of Verv’s VLUX (VLX) token, which it has created in order to afford access to to the blockchain-based trading system. The pre-sale for our VLUX is underway now, and you can read the Verv VLUX Whitepaper should you wish to know more.