Experts and policymakers are looking to emerging technologies like blockchain and IoT to solve the worldwide water crisis, as countries around the globe observe World Water Day on March 22nd.
More than half the globe at 4.5 billion people lack access to basic sanitation services. To raise awareness of water-related issues, the United Nations in 1993 declared March 22nd to be World Water Day, spotlighting the struggles of people and communities everywhere to access this basic need.
Fast forward to 2019, and water infrastructure around the world is either crumbling or lacking entirely. Analysts have forecast a 40-percent gap in global water supply and demand by 2050.
To address the looming crisis, the World Economic Forum (WEF), in partnership with the World Bank and the Swiss Agency for Development, has organized a series of workshops and meetings to bring together water policymakers, entrepreneurs, and technology experts. The meetings explored opportunities for technological disruption in water management.
Their conclusion: blockchain for decentralized water reuse systems and Internet of Things (IoT) will have a major impact on the future of water treatment.
Blockchain empowers clean water projects to tap investors around the world with unprecedented breadth and ease. New projects are actively looking at ways to incorporate blockchain into payments and settlements processing in the water industry, as well as to utilize IoT devices to improve usage and water quality reporting.
The WEF said:
By providing a secure, transparent and distributed ledger to record transactions between parties, blockchain-based technology could fundamentally transform the way water resources are managed and traded.
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