Blockchain to Track Water Sharing Rights in US State of Colorado

Blockchain to Track Water Sharing Rights in US State of Colorado

 

Blockchain was the startling new solution proposed by representatives of the State of Colorado for Water Rights Management. Senators Jack Tate, Jeni James Arndt and March Catlin’s Bill have appointed Colorado Water Institute to study the feasibility of blockchain infrastructure to maintain Database of Water Rights.

Expanding Use Case of Blockchain

For years now the implementation of blockchain for real-time use in the business environment was theoretically discussed on several platforms and praises heaped on the umbilical-cord cutting effect it would eventually have applied to any computational process.

World Economic Forum (WEF) has been one free-standing organization which has been driving the use and adoption of this computing-network to optimize the simplest to the most complex in a rapid, secure and decentralized environment.

Over time, WEF has identified nearly 65 use cases for blockchain and befittingly Decentralized Ledger Technology (DLT) will drive the some of the most complex environment-based challenges at a global level.

Blockchain Technology is as Powerfully Transformative as the Internet

The changes that blockchain brings about are expected to be as powerful and sweeping as the Internet was in the data-liberating era.

Blockchain is the next logical step to accessing information available at the snap of our fingers. Processing the available information by using traditional methods is time-consuming, resource-expensive and requires rigorous regulation and control. Blockchain takes out the complexity of stand-alone or islands of processing into a cohesive network where consensus is sufficient for high-powered multi-nodal processing without interference from a regulatory body or a central authority.

IBM and Sensor Tech for Trials

The process of adoption of this specific blockchain technology began earlier in February in Colorado when IBM began to work collaboratively with SweetSense a startup in sensor technology and The Freshwater Trust, University of Colorado, Boulder. The goal of the multi-organizational collaboration was to use the Internet of Things for sustainable groundwater management. The proposal will conduct trails at the largest aquifers of North America in regions of Northern California, Sacramento.

The achievements of the venture will be crucial to the passage of the Bill. The political representatives have tasked the Water Institute to operate water markets, contribute to resource administration and monitoring of water banks. The Institute will seek contributions and donations from all resources and in case of failure to complete the trail, the bill shall be canceled.