Increasing regulation of the world’s groundwater resources is prompting many governments and municipalities to make difficult decisions concerning groundwater management. The digitization of water rights on the blockchain helps to achieve sustainability while creating a fair and equitable system for the distribution of groundwater.
For decades, California’s groundwater sustainability problem has been characterized by declining groundwater levels, land subsidence, saltwater intrusion and extreme drought. In 2014, the state passed the Sustainable Groundwater Management Act (SGMA) requiring 127 groundwater basins to halt overdraft and return to balanced levels of pumping. Blockchain-based water rights help to mitigate and manage this problem. Basin Logix tokenizes water rights and uses them via NFTs for crypto forward assets with regular pricing. With the help of blockchain technology stakeholders are additionally given voting rights for asset allocation.
Our investigation focused on two things:
Understanding the water sustainability problems that exist in the Western US.
As a part of the Penn Center for Innovation I-CORPs program Phone and in-person interviews were conducted with over 20 individuals in an attempt to gain insight into the problem of GW sustainability, the viability of water markets and digitized water rights on the blockchain as a solution.
Examining the feasibility of tokenizing water rights with Substrate to help solve the sustainability crisis.
After conducting an extensive evaluation of existing models for the implementation and operation of water markets around the world, we aim at establishing a fair system of digitized water rights by using NFTs as crypto forward assets. Checkout our recent submission to Hackusama.
Read our Whitepaper
Solving the sustainability crisis with blockchain based water rights
Abdel Alfahham, USA
Abdel is a Data Scientist with experience in acquisition, preprocessing, and analysis of structured and unstructured subsurface geoscience data.
Spencer Harris, USA
Spencer is a Hydrogeologist with five years experience in data analysis and analytical and numerical modeling. He is a licensed California Professional Geologist with experience in the public and private sector.
Gnana Lakshmi, India
Technology Geek, Innovator, Keynote speaker, Community builder, Collaborator. Gnana has over 8+ years in the technology domain and is passionate about emerging technology subjects like decentralisation, quantum computing and artificial intelligence. As a founding member of a product company and a technology enthusiast, she strongly believes that the true power of technology lies in its adoption by the masses and one of the best ways to achieve this is by creating awareness through education.
Theresa Boettger, Germany
Social Media / Marketing
Passionate advocate and speaker about decentralization, Web3 applications and the future of finance. 5+ years in the assest management industry. Polkadot Ambassador.