The energy industry spends over $100 billion per year just to maintain and upgrade the energy infrastructure that powers our lives. However, much of that infrastructure is outdated, inefficient, and carrying a high risk of failure. To make matters worse, much of the data that is necessary in order to address this problem is confidential and trapped behind firewalls.
VIA is a company that is addressing these problems by using blockchain technology and machine learning solutions. With the recent adoption a new blockchain application called Trusted Analytics, VIA is obtaining access to vital data in a secure and anonymous way. Equipped with that data, VIA is using AI and machine learning as a prioritization tool for the replacement of transformers and other pieces of outdated equipment. With the ability to identify high-risk versus low-risk equipment, the process of upgrading and maintaining this vast infrastructure will be carried out in a more efficient, safe and cost-effective way.
Colin Gounden is the President and CEO of VIA, and he offers insight on a variety of topics in the space where energy, blockchain technology and AI overlap.
He also discusses the effect of increasingly extreme weather conditions and electric vehicles on the current energy infrastructure.
Tune in to hear the details, and visit viascience.com for more information.