Press: DEEP

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  • June 4, 2018
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Berlin Blockchain Venture Studio announces latest venture: a software-based decentralized energy retailer. Following a successful Proof of Concept, they are preparing to extend their project to multiple communities across Germany.

Berlin-based blockchain venture studio has come out of stealth mode with its latest venture, DEEP. This blockchain-based Decentralized Energy Exchange Platform looks to provide a platform for the future of the rapidly changing energy market. DEEP is a software stack that enables an automated, customer centric & decentralized energy future by providing energy companies with the ability to easily host & deploy a set of cutting-edge blockchain based decentralized applications without having to deal with the underlying complexity.

Today, individuals who are privately produce renewable energy have no interoperable infrastructure to rely on that incorporates new technology such as battery storage and Smart Meters as well as digital services such as peer-to-peer (p2p) energy trading and demand side management tools.

The Decentralized Retailer (DR) is a virtual machine acting as autonomous agent on a blockchain protocol like Ethereum, which conducts the financial settlement between consumers and producers in a trustless, p2p manner. At its core, a DR is simply a set of smart contracts which take over the two main functionalities of current energy retailers – billing and energy trading – and fully automates them via the DEEP software stack.

These smart contracts are then combined with a set of customized APIs and user-friendly front end interfaces enabling users can communicate with the DR directly. Firstly, this allows consumers to interact with the application whilst maintaining the slick customer experience which most blockchain products are still yet to prioritize, and additionally it offers further features that current systems do not provide, such as incentivizing customers for their green energy consumption with tokens that can be redeemed at a later stage.

The long-term goal is typically ambitious for a blockchain project: the democratization of the energy market. However, takes a different approach to many other blockchain ventures, in working towards the long-term goal by starting with real-world blockchain products that can be produced today. Therefore, as the first stage in the development of DEEP, in partnership with one of the largest energy retailers in Europe, they have set up a running PoC which connects a producer with several renewable energy sources with multiple consumers. This virtual Microgrid incorporates blockchain-based energy billing & trading application, that allows the producer to bill the consumers in a automated and transparent manner. By writing data from smart meters directly to the blockchain, both parties have information on energy consumption tens of thousands of times more accurate than the current systems of yearly readings, allowing for far more accurate billing, and incentivising consumers to consume energy at off-peak times when energy is cheaper and more eco-friendly. Furthermore, the cryptographic security of the blockchain system ensures that a major inhibitor of smart meter adoption, privacy protection, is fully anticipated. Following a successful PoC, DEEP will be expanding its platform to 37 households across Germany.