Press Release

Ocean Protocol launches the Energy Efficiency Data Challenge

The competition aims to incentivise data-driven understandings and innovations to improve energy efficiency for domestic buildings in Scotland

PressRelease

Singapore, October 21st: Ocean Protocol, the Web3 platform to unlock data services for AI and business innovation, launches the Energy Efficiency data challenge - the latest initiative under its broader Ocean Data Challenge program to incentivise data analysis and algorithms for solving complex business problems.

Given the current geopolitical context, the energy efficiency topic is more relevant now than ever. Domestic buildings have been cited as one of the many sources of greenhouse gas outflows. Using data to employ efficiency measures can not only effectively fight climate change but also contribute to tackling energy poverty and reducing energy costs. In line with this vision, the Energy Efficiency Data challenge initiated by Ocean Protocol has been designed to harness the power of energy data, build algorithms that facilitate innovation and spearhead the shift towards smarter, greener, more efficient buildings for global change.

Ocean Protocol founder Bruce Pon said,

“In Europe alone, buildings are responsible for approximately 36% of energy-related direct and indirect emissions. The augmentation of data and AI has the rare potential to transform current architectural practices for a sustainable future. Our latest data challenge has been designed to be at the forefront of leading this shift.”

As part of the challenge, contestants will be presented with an energy performance dataset originating from the Scottish Energy Performance Certificate Register. The task is to create context around the data by generating rankings and visualizations that illustrate how and why the presented data is valuable. As a follow-up step, participants will build algorithms that can run on the provided data, identify correlations between given attributes and generate specific output/ input. They will also be required to draft a concluding report that presents findings along with quantitative and qualitative analysis and recommendations.

Additionally, participants can also earn bonus points by publishing their report for free use on the Ocean Market, making it available for Compute-to-Data, and publishing algorithms for Ocean Market users to run previously published datasets on.

From a total prize pool of $6000, rewards for this challenge will be distributed as follows: 1st place: $3000, 2nd place: $2000, 3rd place: $1,000. Rewards are payable in OCEAN. All valid entries submitted will receive an award of 500 OCEAN tokens. The evaluation panel will determine if the entries submitted are valid, submitted in good faith, and meet minimum requirements as specified in the challenge description. The section of the winners will be announced publicly based on the level of innovation, the value of the opportunity, feasibility, presentation structure, approach and completeness.

The datasets are currently live on the Ocean Market and the entry submission deadline is November 6th at 23:59 PM UTC. To enter the competition and access details on eligible rankings and algorithms, visit the dedicated Questbook page here.

#About Ocean Protocol

Ocean Protocol is a decentralized data exchange platform spearheading the movement to unlock a New Data Economy, break down data silos, and open access to quality data. Ocean’s intuitive marketplace technology allows data to be published, discovered, and consumed in a secure, privacy-preserving manner By giving power back to data owners, Ocean resolves the tradeoff between using private data and the risks of exposing it.

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