Ample uses machine learning smart meters with Symbol to reduce energy waste
Tokenized energy trading
Energy trading and management has been a promising blockchain use case for years. Now a startup called Ample is putting tokenized energy credits to the test with Symbol blockchain.
The complexity of electricity networks is increasing worldwide, making power grids more fragile. As energy sources shift and consumers move toward home solar and other independent energy production, supply and demand are becoming more volatile. This leads to more intense periods of high and low usage, and utility companies must increase prices to keep reliable service.
Ample has developed a smart meter called Amplemeter that measures a building’s energy usage and uses machine learning algorithms to help change usage and reduce costs to the occupant. It uses a single sensor placed in a building’s fuse box.
Users can see their real time usage patterns through a mobile app and get clear feedback on which usage habits are costing them the most. For example, they can see their consumption habits during peak hours and reschedule their washing appliances to run earlier in the day when demand is lower.
Buy, sell, and trade energy credits
Similar to the way companies trade carbon credits, Amplemeter users can reduce consumption and sell their excess usage rights to others. These usage rights become blockchain-based assets with real value. This kind of incentive-based system has been proven effective in many green initiatives, but more test data is needed. Pilot programs are underway with a business program in Shanghai and 20 households signed up for installation. These programs have already demonstrated that there is consumer demand for power management systems.
Built on Symbol
The Ample system is built on the Symbol blockchain. Symbol provides a secure, fast, and easily accessible blockchain interface using APIs. The transaction fees on the Symbol public chain are expected to be low enough to make frequent ongoing public chain data recording cost-effective. Currently Ample is using the private blockchain version with no transaction fees.
Symbol is a natural fit for green technology solutions like Ample since Symbol is built on a Proof-of-Stake based protocol, which uses thousands of times less power than Proof-of-Work blockchains like bitcoin.
You can learn more about Ample at www.amplemeter.com