The world’s first blockchain-based water market will go live in Far North Queensland mid-2022 to address growing water security issues and protect fair access to water.
The CRCNA and Civic Ledger are working together on the rollout of Water Ledger in the MDWSS as ‘a strategic research test-bed’ that has applicability across Northern Australia for real time continuous water accounting and grower-led trading. Our aim is for water markets that implement transparent governance frameworks and support the sustainable economic development of Northern Australia. – Anne Stünzner, CRCNA CEO
Blockchain supports water markets with its ability to provide a verifiable record of exchange and ownership of a water allocation at any given time. A key advantage of blockchain is that as a system it is owned by all those who participate in the water market. No one can have more information than another meaning that it cannot be operated in the interest of only a few.
Water resources around the world are becoming scarcer and it’s vital that we protect them with the absolute best in management practices. We are confident that Water Ledger is best-in-class to deliver the most reliable solutions to mitigate future uncertainty and ensure water security across Northern Australia. – Katrina Donaghy, Civic Ledger CEO
Civic Ledger, CRCNA, Inclusive Growth Partners and FNQ Growers will work together over the year to assist more than 1,000 growers onto the Water Ledger platform. Moving the MDWSS onto Water Ledger is expected to be completed during Q2, 2022, with the results from the project published in a report at the end of 2022. Moving the MDWSS water markets onto Water Ledger is the precursor to scaling blockchain-enabled water markets across Northern Australia.
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