The trending technologies of 2018 like Artificial intelligence, machine learning and block chain is going to disrupt the utilities ad energy sector. Many utility companies have started to apply AI to lower their utility bills and block chain to offer a reliable and cost-effective way for operational and financial transaction.
Google is utilizing its DeepMind algorithm to reduce energy related bills. ZenRobotics uses AI to identify and utilize the waste in an optimum way to recycle it for productive use.
AI and Machine learning with the help of algorithm making use of big data to find out the patterns. One of the biggest characteristics of Block chain that is digital distributed ledger offer significant contribution and eliminate the need for middleman.
Application of AI and Block Chain in Utilities
It is a technique to predict the requirement of power and energy to meet the demand and achieve the equilibrium point od demand and supply related to energy. This can be easily done by monitoring usage pattern, gather ample amount of data and predict the future usage pattern. Machine learning provides real time estimation and accuracy in prediction provides significant contribution in operation loading in utilities.
Using deep learning algorithm, drones can be trained for predictive maintenance. The algorithm will help automatically identify the defects with continuous inspection, predict the replacing time as well as risk of failures. This can result in uninterrupted day to day operations.
It can transform the way companies handle their customer queries. Using AI enabled virtual agents can easily respond to the customerâ??s queries and also provide early warning signals of bad debt based on their past interaction and transactions. The development in natural language processing can lead to full automation in delivering customer service.
Machine learning can also provide valuable customer insights which will help utility companies to maximize their margin and at the same time minimize customer churn. AI can provide customized services to high end customers.
Bankymoon has developed an approach to provide financial aid. For example, A usizo project facilitated international crowdfunding where African schools are using block chain-based meters and anyone can provide financial aid in paying that electricity bills.
Block chain is providing a platform for peer to peer energy trading between producer and user. In Netherlands, Vendenbron connect renewable energy providers with the customers. Block chain technology integrated energy trading system will the energy providers to trade renewable energy and it may provide an option to use electricity for a given period of time. For example, one factory can trade its unused energy in case of its closed operation time to those factory that requires heavy amount of power and energy. This will increase the efficiency for energy consumption.
So, AI came with the lots of opportunities to revolutionize the utilities sector. Many companies are utilizing its benefit many are still thinking to apply it.