The Housing and Urban Development Corporation of a country faces a major challenge of increasing energy consumption and related costs. As a result, they sought to implement a solution that would incentivize energy savings and promote sustainable practices in homes and buildings. The corporation engaged Quantilus to develop a platform that would reward energy savings with AI, IoT, and Blockchain Technology.
The client faced several problems related to energy consumption and conservation. Some of the issues are:
To address these problems, the corporation sought the help of Quantilus to develop a solution that leveraged AI, IoT, and Blockchain technology.
Quantilus developed a platform that utilizes AI, IoT, and blockchain technology to monitor and incentivize energy savings.
AI-based algorithms were used to analyze energy consumption patterns and identify areas where energy savings could be achieved. For example, the system could learn when certain appliances are used most frequently and suggest ways to reduce energy consumption during those times.
IoT devices were installed in homes and buildings to collect real-time data on energy usage, temperature, and other environmental factors. This data was used to optimize energy consumption and identify areas where improvements could be made.
Blockchain technology was used to facilitate the exchange of energy credits between consumers and producers. Consumers who generate excess energy through solar panels or other renewable sources could earn energy credits that could be used to offset their energy bills or sold to other consumers through the blockchain exchange.
Smart contracts were used to automatically execute transactions between consumers and producers based on pre-defined rules and conditions. For example, a smart contract was programmed to automatically purchase energy credits from a consumer’s blockchain account when their energy bill exceeds a certain threshold.
Overall, the combination of AI, IoT, and blockchain technology created a powerful platform for incentivizing energy savings and promoting sustainability.
Benefits of the platform for the corporation included: