Fuergy is a renewable energy company that has developed an Artificial Intelligence (AI) device that is based on Blockchain technology. The device allows customers to generate electricity and manage their energy consumption efficiently. They can opt to supply power in their own homes, share it with their neighbors, store, or resell energy in the market.
Energy Device Uses Blockchain-Based Software and Hardware
The Slovakian company developed this device which makes use of an AI software and a hardware. The blockchain-based software helps to optimize energy and share it with others. On the other hand, the hardware takes care of the user’s battery, green energy source, and electricity grid.
The logic behind the whole system is to monitor the energy that is generated, accumulated, and consumed at any point in time. This reduces the burden on the grid and brings about efficiency in the trio. Therefore, this device allows consumers to power their homes and those around them. This includes schools, restaurants, hospitals, etc. and distance is not a barrier.
Virtual Ecosystem With an Unlimited Number of Market Participants
According to the device’s manufacturer, its aim is to develop a virtual ecosystem where an unlimited number of consumers can be supplied power. Most importantly, the energy produced and consumed will be in a more efficient way. Also, Fuergy enables all consumers to have control and share their electric energy effectively and it focuses on sustainability.
The CEO of Fuergy, Radoslav Stompf noted that the demand for energy is on the increase. To meet this growing need, the company is offering renewable energy as a solution to its customers. These are people that will be able to produce energy and as such, save money and earn at the same time.
Blockchain’s Role in Renewable Energy Device
The major role played by Blockchain in this energy device is to bring about transparency. Here, control systems can determine the amount of energy that has been generated. This will help them to create subsidies based on it. People can also determine the amount of energy to consume or store.
We’ve seen Blockchain’s application in farming, construction sites, online stores, voting system, and even in gaming consoles. In a recent report, there are plans to employ this technology in the satellite industry. What all these have in common, is the addressing the level of efficiency and transparency that is obtainable with the use of this modern technology.