California Uses Blockchain and IoT to Manage Groundwater Use | Digital Trends
- (USAID), they built a system to use IoT sensors to “monitor groundwater use and demand, correlate that to rainfall surface water availability, and then also, most importantly, use that data to identify when a water pump fails so that we can go out and get it fixed and make sure that people have access to water year round.
- The use of IoT is exciting: Here is a technology many people associate first with kitchen appliances and Alexa speakers, being used to save lives from drought.
- Management of a shared resource like water, one that people feel naturally entitled to, requires not just the survival of the group depends on everyone rationing their use.
- A credit provides the owner the right to extract a set amount of water from the ground, and if the owner doesn’t want to make use of that right themselves, they can “convert them into commercial instruments that you can trade in an open market.
- The technology that is designed to support consensus and democratized access to information,” Wangusi says, “is by definition Blockchain, because you have this idea of a ledger that is immutable, and then you have the idea of a smart contract that can move transactions within that Blockchain network.
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