Perth, Australia – Water is required in all major activities such as domestic or industrial usage. Due to many reasons such as global warming, the world is experiencing a water crisis which is forecast to get worse in the future. The availability of water is essential and due to this and several other reasons, ‘Water Rights’ have now become a valuable commodity. A water right is a legal authorization to control a source of water and put it to beneficial use. The people who possess water rights have the right to use the source. WaterSwap provides a platform where water rights can be traded and exchanged.
Water rights are also becoming increasingly important for other reasons. They provide various benefits such as certainty of water supply in the future, and are also considered a good investment as they increase a properties’ value. Trading water rights also provides benefits for environmentalists as they can access water in order to protect the environment. This is one way the world’s water crisis can be controlled more effectively. Because of this, WaterSwap looked at a way that enabled users to easily buy water rights more efficiently compared to existing services.
WaterSwap utilizes Blockchain technology, which provides transparency and the ability to share information in a fast, secure way among entities. At the same time WaterSwap allows individuals and individual organizations decide what information they want to share and with whom and for how long. These limits and conditions are enforced by blockchain enabled smart contracts. A research employee at Waterswap stated, “Blockchain technology in water exchange programs provides 70% more efficiency than other water exchange companies.”
The efficiency of WaterSwap is higher compared to other companies that do not use Blockchain technology due to the fact that in blockchain no external parties are involved. The decentralized structure of blockchain enables the sharing of information within an ecosystem of users where no single entity has sole control. This removes the need for middlemen while at the same time, the water trading process is made more efficient with a unified system of water ownership records and smart contracts that automate the water trade agreements.
WaterSwap is focusing on making water trading easier with the ability to allow P2P cross-border transactions which will make the trading of water rights a truly global enterprise.
About the company:
WaterSwap is a trading exchange company that deals with the selling and leasing of water rights.