The Newest Blockchain Use Case: Water Rights
08 March 2019 - 05:24AM
ADVFN Crypto NewsWire
Bitcoin Global News (BGN)
March 07, 2019 -- ADVFN Crypto NewsWire -- By now, most crypto
investors are very familiar with the idea of putting the ownership
rights to property, or some sort of asset in general on the
blockchain. Earlier this week, a story broke out of Colorado that
seems to put a unique spin on this idea.
What if water rights and even
overall water usage were both managed by the blockchain? What sort
of benefits might come from doing so? Reportedly, a group of
Colorado legislators are looking to discover this and more through
an innovative, state-sanctioned program.
This Tuesday, senate bill 184 was
filed with the Colorado state Senate with the goal of authorizing
funding for and helping to implement a research program involving
water rights management and the blockchain. The group in question
that the lawmaker’s sponsoring bill 184 want to run this study is
the Colorado Water Institute, which is the chief authority for the
state on all things water.
If the bill passes, all of the
groups involved seem to have the general hope that water rights
management will be significantly simplified through the usage of
the blockchain and even, the Internet of Things. Still, since this
field of research is nascent, it is hard to conclude whether or not
these technologies will have a measurable effect on the water
rights management process.
Still, the key point behind such a
bill is valid. Because the blockchain industry is such an
early-stage space, every possible use case needs to be explored.
Some will pan out and some will be ruled out, but that is the
natural order of things as an industry begins to truly
grow.
In this case, the overall plan of
managing the ownership or access to water involves using the
blockchain in its’ purest form as a digital ledger where important
items are recorded. Even so, educating the public, including
government officials, on how many ways this primary use case can be
applied in practice can only bode well for the industry’s
future.
By: BGN Editorial Staff
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