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Decentralization offers unique opportunity to monetize idle O&M data
Renewable asset owners are investing more money than ever before in tools to benchmark and analyze performance data, but much of the data’s value remains unexploited.
That’s why opportunities to monetize performance data, by licensing it to innovators, are becoming more attractive as the supply chains searches for bigger data sets from which to innovate and make technology improvements.
For this reason, we’re excited to partner with blockchain start-ups at the Ocean Protocol, DEX and Verv (of P2P energy trading fame) to explore the value of decentralized data marketplaces within the renewable O&M supply chain.
In this exclusive webinar Chirdeep Singh Chhabra, CEO of DEX and Founder of Ocean Protocol will be joined by Peter Davies, CEO & Founder of Verv to:
Deliver a unique case study that showcases how owners can look to monetize and licence asset performance data within decentralized marketplaces to promote innovation across the supply chain
Explore how the Ocean Protocol system overcomes critical challenges normally associated with maintaining data ownership, security and IP
Evaluate the lessons learned from Verv’s early utility/consumer data sharing projects, efforts that are already producing results in European energy markets
This webinar has been created to provide you with an invaluable resource to all forward-looking Asset, Portfolio, Supply Chain and O&M Executives, Managers and Analysts join the webinar here now
And don’t worry if you can’t be there on the day. By registering, you’ll be sent a recording.
Before the webinar, we spoke to Chirdeep Singh Chhabra, CEO of DEX and Founder of Ocean Protocol to get the low down on why decentralized marketplaces offer a bright future for previously latent data sets.
Q. So, how is data traditionally shared between data producers and consumers?
A. Up until now, most data exchanges operate under centralized marketplaces where a copy of data is stored centrally and exchanged under the rules and governance of the individual marketplace.
Q. What challenges does this traditional approach lead to? Data security and IP included.
A. Under this model, there is a lack of data provenance, transparency, and trust. Companies have limited means to assign a value to their data assets and to make sure that exchange is trustworthy, auditable and verifiable. In addition, data owners can lose control of their data assets and more importantly, privacy and security can be easily compromised.
Q. How does the Ocean Protocol look to solve this challenge?
A. Due to its decentralized nature using blockchain technology, Ocean allows for trust to take place without the presence of a third centralized party. It eliminates the issue of single point of control and failure, enables trust among data providers and consumers, and ensures secure data exchange and transactions. It also allows for data provenance, which is a big advantage under data privacy requirements such as GDPR and offers data providers full control of their data assets.
In addition, with native tokens, Ocean Protocol can incentivize individuals and organizations to submit, refer, and make available quality data and related services, significantly enhance and maintain the integrity of the ecosystem.
By providing an open source, decentralized blockchain data exchange protocol for data services, the Ocean Protocol creates opportunities for individuals and organizations to continuously create value from data assets. It supports all types of data services for a complete range of data and AI applications, breaking down data silos and liberating the world’s data to solve industrial and societal problems.
Q. What are the benefits of decentralization of this data marketplace? Why not just keep it centralized/fragmented?
A. There are many problems associated centralized data marketplace but the most two apparent ones are the lack of trust and fairness in pricing. As a result, data remains locked up in silos, unable to be leveraged. Many companies have AI algorithms but not enough datasets to train their AI.
With blockchain data exchange protocol like Ocean, organizations and individuals will be more willing to share their valuable data, knowing that their data will be used with their consent and that they can get incentivized and rewarded in return.
Q. What applications are the Ocean Protocol already partnering with?
A. Ocean Protocol, PwC Singapore, and the Info-communications Media Development Authority of Singapore (IMDA) announced their collaboration to co-develop a trust framework and marketplace solution that enables safe, trusted and effective data exchange that will satisfy the various requirements of data providers and consumers. Under this collaboration, IMDA will provide regulatory guidance and co-create codes of practice to mitigate risks that will ensure appropriate data practices in usage, handling, and sharing.
To support the development, seven industry-led pilots have been launched in the Food and AgriTech, Built Environment, Consumer goods & Retail, Financial Services, Mobility, Utilities, Wellness and healthcare sectors. For example, Aviva and ConnectedLife are applying data analytics and artificial intelligence to enhance protection and care for the ageing population and support independent living, while Roche Diagnostics is exploring ways to improve management and treatment compliance of patients on blood-thinning therapy, and Johnson & Johnson is working on a clinical trial to leverage access to multi-source, motion and lifestyle data to help improve orthopaedic evaluation and recovery. Among other partners, Unilever is using the data sharing framework to unlock new shopper insights in Singapore and help smallholder farmers thrive in Southeast Asia.
Q. What early challenges have they overcome?
A. Blockchain enables data exchange, fuels the data economy and ultimately advances AI. It is with AI that many applications can be realized to improve business models and operations. From predicting consumer behaviors to finding the right disease management model. The applications are endless. The most important first step is to liberate data and break down the data silos. Because without data, AI cannot advance.
Don’t worry if you can’t make it live – sign up anyway and we’ll send you the recordings!
About Chrideep: Over the last 20 years, Chirdeep has accumulated experience that spans AI, Big data, distributed systems, Mobile ad-hoc networks, traffic engineering and distributed ledger technologies, across the UK, Switzerland, Singapore, and India. Prior to heading DEX, Chirdeep was the Head of Data Programmes and Blockchain at Digital Catapult in London, where he developed and executed the largest cross-country data-sharing program – Data City Data Nation - bringing together open city data and proprietary corporate data.
A serial entrepreneur and investor, Chirdeep has a Masters in Distributed Systems from École Polytechnique Fédérale de Lausanne (EPFL), Switzerland, and is a Chevening Fellow, CSEL entrepreneurship graduate from London Business School in the UK.