The potential impact of the ongoing worldwide data explosion continues to excite the imagination. A 2018 report estimated that every second of every day, every person produces 1.7 MB of data on average—and annual data creation has more than doubled since then and is projected to more than double again by 2025. A report from McKinsey Global Institute estimates that skillful uses of big data could generate an additional $3 trillion in economic activity, enabling applications as diverse as self-driving cars, personalized health care, and traceable food supply chains.
But adding all this data to the system is also creating confusion about how to find it, use it, manage it, and legally, securely, and efficiently share it. Where did a certain dataset come from? Who owns what? Who’s allowed to see certain things? Where does it reside? Can it be shared? Can it be sold? Can people see how it was used?
As data’s applications grow and become more ubiquitous, producers, consumers, and owners and stewards of data are finding that they don’t have a playbook to follow. Consumers want to connect to data they trust so they can make the best possible decisions. Producers need tools to share their data safely with those who need it. But technology platforms fall short, and there are no real common sources of truth to connect both sides.
How do we find data? When should we move it?
In a perfect world, data would flow freely like a utility accessible to all. It could be packaged up and sold like raw materials. It could be viewed easily, without complications, by anyone authorized to see it. Its origins and movements could be tracked, removing any concerns about nefarious uses somewhere along the line.
Today’s world, of course, does not operate this way. The massive data explosion has created a long list of issues and opportunities that make it tricky to share chunks of information.
With data being created nearly everywhere within and outside of an organization, the first challenge is identifying what is being gathered and how to organize it so it can be found.
A lack of transparency and sovereignty over stored and processed data and infrastructure opens up trust issues. Today, moving data to centralized locations from multiple technology stacks is expensive and inefficient. The absence of open metadata standards and widely accessible application programming interfaces can make it hard to access and consume data. The presence of sector-specific data ontologies can make it hard for people outside the sector to benefit from new sources of data. Multiple stakeholders and difficulty accessing existing data services can make it hard to share without a governance model.
Europe is taking the lead
Despite the issues, data-sharing projects are being undertaken on a grand scale. One that’s backed by the European Union and a nonprofit group is creating an interoperable data exchange called Gaia-X, where businesses can share data under the protection of strict European data privacy laws. The exchange is envisioned as a vessel to share data across industries and a repository for information about data services around artificial intelligence (AI), analytics, and the internet of things.
Hewlett Packard Enterprise recently announced a solution framework to support companies, service providers, and public organizations’ participation in Gaia-X. The dataspaces platform, which is currently in development and based on open standards and cloud native, democratizes access to data, data analytics, and AI by making them more accessible to domain experts and common users. It provides a place where experts from domain areas can more easily identify trustworthy datasets and securely perform analytics on operational data—without always requiring the costly movement of data to centralized locations.
By using this framework to integrate complex data sources across IT landscapes, enterprises will be able to provide data transparency at scale, so everyone—whether a data scientist or not—knows what data they have, how to access it, and how to use it in real time.
Data-sharing initiatives are also on the top of enterprises’ agendas. One important priority enterprises
By: Janice Zdankus, Robert Christiansen
Title: Getting value from your data shouldn’t be this hard
Sourced From: www.technologyreview.com/2021/10/19/1037290/getting-value-from-your-data-shouldnt-be-this-hard/
Published Date: Tue, 19 Oct 2021 16:00:00 +0000
Why China’s EV ambitions need virtual power plants
This story first appeared in China Report, MIT Technology Review’s newsletter about technology in China. Sign up to receive it in your inbox every Tuesday.
The first time I heard the term “virtual power plants,” I was reporting on how extreme heat waves in 2022 had overwhelmed the Chinese grid and led the government to restrict electric-vehicle charging as an emergency solution. I was told at the time that virtual power plants (VPPs) could make grid breakdowns like that less likely to happen again, but I didn’t have a chance to delve in to learn what that meant.
If you, like me, are unsure how a power plant can be virtual, my colleague June Kim just published an insightful article explaining the technology and how it works. For this week’s newsletter, I took the chance to ask her some more questions about VPPs. It turns out the technology has a particularly good synergy with the EV industry, which is why the Chinese government has started to invest in VPPs.
“VPPs are basically just aggregations of distributed energy resources that can balance electricity on the grid,” June says—resources including electric-vehicle chargers, heat pumps, rooftop solar panels, and home battery packs for power backups. “They’re working in coordination to replace the function of a centralized coal plant or gas plant … but also add a whole host of other functionalities that are beneficial for the grid,” she says.
To really make the most of these resources, VPPs introduce another layer: a central smart system that coordinates energy consumption and supply.
This system allows utility companies to handle times of higher energy demand by making adjustments like shifting EV charge time to 2 a.m. to avoid peak hours.
The US government is working to triple VPP capacity by 2030, June says. That capacity is equivalent to 80 to 160 fossil-fuel plants that don’t have to be built. “They expect that EV batteries and the EV charging infrastructure are going to be the biggest factor in building up this additional VPP capacity,” she says.
Considering the significant impact that EVs have on the grid, it’s no surprise that China, where an EV revolution is taking place faster than in any other country, has also turned its attention to VPPs.
By the end of 2023, there were over 20 million EVs in China, almost half the global total. Together, these cars can consume monstrous amounts of energy—but their batteries can also be an emergency backup source. The power shortage that happens in China almost every summer is an urgent reminder that the country needs to figure out how to incorporate these millions of EVs into the existing grid.
Luckily, there are already some moves in this area, both from the Chinese government and from Chinese EV companies.
In January 2024, China’s National Development and Reform Commission, the top economic planning authority, released a blueprint for integrating EV charging infrastructure into the grid. The country plans to start pilot programs with dynamic electricity pricing in a few cities: lower prices late at night can incentivize EV owners to charge their vehicles when the grid is not stressed. The goal is that no more than 40% of EV charging will take place outside these “trough hours.” There will also be a batch of bidirectional charging stations in public and private spaces. At these chargers, batteries can either draw electricity from the grid or send it back.
Meanwhile, NIO, a leading Chinese EV company, is transforming its own charging networks. Last month, 10 NIO charging stations opened in Shanghai that allow vehicles to feed energy back into the grid. The company also has over 2,000 battery-swapping stations across the country. These are ideal energy storage resources for the VPP network. Some of them have already been connected to VPP pilot programs in eastern China, the company said in July 2023.
One of the key obstacles to adoption of VPPs is getting people to sign up to participate. But there’s a compelling reward on offer: money.
If the reverse-charging infrastructure grows larger, millions of Chinese EV owners could make a little income by charging at the right times and selling electricity at others.
We don’t know how much earning potential there is, since these pilot programs are still in their very early stages in China. But existing VPP projects in the US can offer some reference. Over the course of one summer, a Massachusetts home can make an estimated $550; participants in a separate VPP project in Texas can earn an estimated $150 per year. “It’s not huge, but it’s not nothing,” June says.
Obviously, it will take a long time to transform our electric grids. But developing VPPs along with the EV charging network seems like a win-win situation for China: it helps the country maintain its lead in the EV industry, and it also makes the grid more
By: Zeyi Yang
Title: Why China’s EV ambitions need virtual power plants
Sourced From: www.technologyreview.com/2024/02/21/1088748/virtual-power-plant-electric-vehicle/
Published Date: Wed, 21 Feb 2024 11:00:00 +0000
The Download: deep diving, and virtual power plants in China
This is today’s edition of The Download our weekday newsletter that provides a daily dose of what’s going on in the world of technology.
Meet the divers trying to figure out how deep humans can go
Two hundred thirty meters into one of the deepest underwater caves on Earth, Richard “Harry” Harris knew that not far ahead of him was a 15-meter drop leading to a place no human being had seen before.
Getting there had taken two helicopters, three weeks of test dives, two tons of equipment, and hard work to overcome an unexpected number of technical problems. But in the moment, Harris was hypnotized by what was before him: the vast, black, gaping unknown.
Staring into it, he felt the familiar pull—maybe he could go just a little farther. Instead, he and his diving partner, Craig Challen, decided to turn back. They weren’t there to exceed 245 meters—a depth they’d reached three years earlier. Nor were they there to set a depth record—that would mean going past 308 meters.
They were there to test what they saw as a possible key to unlocking depths beyond even 310 meters: breathing hydrogen. Read the full story.
This story is from the next print issue of MIT Technology Review, all about exploring hidden worlds. Want to get your hands on a copy when it publishes next Wednesday? Subscribe now
Why China’s EV ambitions need virtual power plants
Virtual power plants (VPPs) are an idea whose time has arrived. They’re basically a layer on top of resources like electric vehicle chargers, solar panels, and battery packs, which allow you to coordinate energy consumption and supply. This lets utility companies handle times of higher energy demand by adjusting the end use of electricity, for example reducing the efficiency of an EV charger so it takes longer to finish and thus puts less burden on the grid.
In China, which is adopting electric vehicles faster than any other country, VPPs could be transformational. The country has just started testing programs which incentivize EV owners to charge their vehicles late at night, when there’s less demand on the grid.
It’s also piloting bidirectional charging stations, which would let EV owners not only use electricity, but even sell it back into the grid at times of peak demand, earning them a little extra cash. Read the full story.
This story is from China Report, our weekly newsletter giving you behind-the-scenes insights into China and its tech scene. Sign up to receive it in your inbox every Tuesday.
I’ve combed the internet to find you today’s most fun/important/scary/fascinating stories about technology.
1 Alabama’s Supreme Court ruled that frozen embryos are ‘children’
It’s a worrying development, especially for people seeking infertility treatments. (CNN)
The first IVF babies conceived by a robot have been born. (MIT Technology Review)
2 Inside AI startup Anthrophic’s funding spree
Investors cannot hand money over to promising AI companies quickly enough right now, it seems. (NYT $)
OpenAI is now valued at a staggering $86 billion. (Bloomberg $)
Why the New York Times could win against OpenAI. (Ars Technica)
3 The EU is setting up rules for sucking CO2 out of the sky
It’s creating a first-of-its-kind certification framework for carbon removal technologies. (The Verge)
How carbon removal technology is like a time machine. (MIT Technology Review)
4 Researchers are imbibing AI with human-like qualities
No one is immune from anthropomorphism, it seems. (New Scientist $)
If you’ve posted on Reddit, your words are probably being used to train AI. (Ars Technica)
5 What mind-reading devices can teach us
They’re restoring functions like speech and movement. But they’re also shining a light on how the brain works. (Nature)
Elon Musk claims the first Neuralink patient can now control a computer mouse with their thoughts. (CNBC)
6 Fake funeral livestream scams are proliferating on Facebook
Beyond grim, and Meta’s doing almost nothing to prevent it. (404 Media)
7 A spacecraft is about to try to snag some space junk
If it works, it’ll be an important development for the effort to clear Earth’s orbit of debris. (Ars Technica)
8 People are breeding pythons to have ‘emoji’ patterns
But, as always amid a gold rush, some of them are doing some deeply unethical things in the process. (New Yorker $)
9 How scientists predicted Iceland’s vast volcanic eruption
And saved a lot of lives in the process. (Quanta)
How machine learning might unlock earthquake prediction. (MIT Technology Review)
10 Older people are among VR’s most enthusiastic adopters
By: Charlotte Jee
Title: The Download: deep diving, and virtual power plants in China
Sourced From: www.technologyreview.com/2024/02/21/1088754/deep-diving-virtual-power-plants-china/
Published Date: Wed, 21 Feb 2024 13:10:00 +0000
Did you miss our previous article…
Cryptocurrency Payments for Insurance: Are Insurance Companies Really Embracing Bitcoin and Altcoins?
It is no longer unusual to hear that a bank accepts savings in Bitcoin, Ethereum, and the like. Or that a loan company helps businesses with crypto. After all, the traditional financial and insurance industries were among the first to adopt cryptocurrencies. The latter ones have found more than one way to incorporate these means of payment into their business. This approach proved useful not only for companies but also for policyholders.
The above claim was confirmed by several recent surveys, including that of Goldman Sachs, which showed that 6% of respondents (over 300 financial executives in the insurance sector) verified that their companies invest in crypto.
Benefits for Policyholders and Insurance Companies
Several things make cryptocurrencies attractive, not only for insurance companies but also for policyholders. Some of them are beneficial to both parties, and some are specific.
So, when it comes to policyholders, they can expect several advantages of using crypto. One of the most notable is the opportunity for diversification. Thanks to crypto, they can get another asset (on top of the traditional ones) to add to their diversification strategy. By doing this, they can spread risk and keep their funds protected.
Also, policyholders can count on speedy transactions because crypto transactions are usually processed much faster than wire transfers. Receiving claim payouts on time in urgent situations is possible thanks to cryptocurrency.
We should also note that they get more privacy because they can stay pseudonymous.
On the other hand, insurance companies benefit from reduced transaction costs, faster settlements, improved security, and a few other things.
It’s one thing to discuss things in theory and another to see how they work in real life. Fortunately, there are many successful examples of insurance companies accepting crypto as a payment plan.
INGUARD is one of the leading digital insurance companies based in the U.S. It provides its services in all 50 U.S. States. What makes INGUARD truly special is that they were the first insurance companies in North America to accept Bitcoin payments in 2013.
Interestingly, this brand is partnered with numerous tech companies who share their vision for insurance, including Fitbit and Michelin.
Some insurance companies rely on the blockchain. Lemonade is an excellent example of this. This brand throws blockchain technology and artificial intelligence into the mix or provides pet, car, home, and other types of insurance. It goes without saying that policyholders can use cryptocurrency as a payment plan.
Compiling a list of insurance companies accepting crypto without mentioning
Title: Cryptocurrency Payments for Insurance: Are Insurance Companies Really Embracing Bitcoin and Altcoins?
Sourced From: www.cryptoninjas.net/2023/11/20/cryptocurrency-payments-for-insurance-are-insurance-companies-really-embracing-bitcoin-and-altcoins/
Published Date: Mon, 20 Nov 2023 06:07:04 +0000
Did you miss our previous article…
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