World Government Summit Blockchain hackathon was the beginning of WaveX and transformation of an Idea into a Proof of Concept (PoC). World Government Summit Blockchain hackathon was orgnazined by World Government Summit in partnership with companies like ConsenSys, IBM, Microsoft and BlockApps. We were selected in top 9 finalist list from 131 projects from around the world in the Hackathon. We created our first version of peer-to-peer electricity trading in World Government Summit Blockchain hackathon. The PoC was developed using an arduino like hardware and a hybrid mobile application. The PoC featured transferring of electricity in the form of turning Lights On and Off.
The idea was chosen as the go to project for the prestigious hackathon because the teams’ core expertise lies in bringing tech to sustainability. Some members of our team previously developing a Sharia’h compliant stock trading application for a hackathon that won the first place in Startup Weekend Abu Dhabi by Google for Entrepreneurs [ link ]. This concept of stock trading was brought into the field of electricity, creating our first version of peer-to-peer electricity trading platform. WaveX was the introduction for the team to the budding field of Decentralized App Development (DApp).
Our PoC featured an hybrid application that lets you to openly trade electricity using blockchain smart contracts to transfer electricity from one location to another using the concept of offsetting. The PoC in World Government Summit Blockchain hackathon had a stock market replica of trading electricity allowing anyone to freely sell units of electricity at a price that they decide. Also, the users can see the moving prices of electricity based on regions, assisting them in setting the price for electricity. Moreover, the app has built-in property management. So, the users can view the electricity not in use in all their apartments and sell any excess. Another feature is the ability to transfer electricity from one property to any property of the user. Using the concept of offsetting the user can transfer electricity from property to another. World Government Summit Blockchain hackathon results gave us the motivation to pursue this project as business.
The first PoC demo can be viewed here