Colorado Considers Implementing Blockchain In Water Rights Management

The State of Colorado, United States, is looking into the possibility of implementing blockchain technology in water rights management with the new government bill published by the Colorado General Assembly which was posted on their website yesterday so we are looking into it in today’s digital currency news.

The Republican Senator Jack Tate along with the representatives Jeni James Arndt (D) and Marc Catlin (R), filed a new bill that tasks the Colorado Water Institute at Colorado State University, studying how the blockchain technology can help improve the managing of databases of water rights.

Also, the General Assembly wants to find out whether the blockchain can be used to operate or establish water markets and water banks but in the same time to be able to contribute to the general administration of the same resource.

As the experiment goes on, the institute will seek out and accept donations from private sources but public ones will also be welcomed. If the institute fails to raise enough funds that are needed for the trial, the trial will be canceled according to the text in the bill.

Just a few weeks ago, IBM and SweetSense sensor tech provider, partnered with The Freshwater Trust NGO and the University of Colorado-Boulder, in order to use blockchain technology and the Internet of Things to manage groundwater. The trial will be conducted in North America located in Sacramento-San Joaquin River Delta.

Also, the World Economic Forum (WEF) found 65 more blockchain use cases that can solve huge environmental challenges around the world such as the management of supply chains, water systems, and decentralized energy.