Press Release

Ocean Protocol, Energy Web Announce Collaboration to Unlock IoT Energy Data

The bridge between Ocean Protocol and Energy Web will boost distributed energy resource optimization and enable private data monetization

Singapore and Zug, Switzerland — 15 September 2020 — Today Ocean Protocol (Ocean) and Energy Web (EW) announced a collaboration to build a bridge between the Energy Web Decentralized Operating System (EW-DOS) and Ocean’s data marketplaces. Customers, vendors, and grid operators can send power telemetry data from distributed energy resources (DERs) to Ocean, enabling data monetization for the users and Ocean marketplaces. Data scientists can run AI, ML and analytics algorithms on this data, uncovering energy generation and consumption patterns that can inform better renewable energy grid integration and IoT device optimization for DERs.

Razvan Olteanu, COO of Ocean Protocol said “We’re leveraging Ocean v3 Datatokens to tokenize power telemetry data from Energy Web devices, thereby creating an opportunity for these tokens to be used as instruments in DeFi projects.”

With this collaboration, we aim to set a benchmark on how energy domains can securely share and monetize their private data while gaining useful insights to optimize their operations.

DERs running on EW-DOS have their own decentralized IDs, in the spirit of Web3’s approach to self-sovereign identity. This allows them to create their own DER passport, get listed in the Energy Web registry, and enroll in one or more applications or energy marketplaces, all while controlling third-parties’ access to their data. Similarly, Ocean keeps data assets secure with Web3 access control.

“We know that DERs—ranging from solar+storage systems to electric vehicles to smart thermostats—are capable of doing much more as part of an integrated power grid, yet too often these IoT assets are chronically underutilized,” explained Micha Roon, CTO of Energy Web. “A bridge from DERs enabled with EW-DOS to Ocean’s marketplaces can help the energy sector crack the code while retaining data privacy when and where it is needed.”

EW-DOS data that feeds into Ocean can become part of single-vendor and/or cross-vendor marketplaces. A vendor could be a DER device manufacturer, aggregator, renewable energy developer, grid operator, or other energy market participant. Any given marketplace in Ocean can then be analyzed to see patterns and opportunities to optimize the system across devices. The potential use cases are wide-ranging: improved dispatch for smart thermostats, coordinating vehicle-to-grid services from electric vehicles, improving interactions between transmission and distribution systems, etc. Such DER optimization has been a recent focus of the National Renewable Energy Laboratory in the United States, among others.

A community-submitted project built with Ocean Protocol was one of the winners of the inaugural Energy Web Innovation Challenge, announced in July 2020.

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