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