By Lawmakers in the state of Colorado, USA are considering studying the potential that blockchain technology might possess for the use in water rights management.
Jack Tate, a Republican senator as well as representatives Jeni Jame Arndt (Democrat) and Marc Catlin (Republican) filed Senate Bill 184 on Tuesday which proposes that the Colorado Water Institute should be allowed the authority to study how its operations can be improved through the use of blockchain technology.
Utilising Blockchain Tech:
The Colorado Water Institute which is an affiliate of Colorado State University should be allowed to study the various use cases of blockchain technology, which includes water rights database management, the development of water “banks”: or markets and general administration as per the bill.
The study will only take place after such a time where the institute has raised sufficient funds and will also be eligible to seek and accept donations from both private and public institutions for this purpose. The institute’s findings will then need to be reported back to the general assembly, according to the lawmakers.
As per information from the Open Energy Information (OpenEI) site:
Colorado has a “complex regulatory scheme for the distribution of water rights and the use of water in the state.”
Yet another possible innovative use of blockchain technology. Only time will tell if this institute can indeed utilise the technology for significant use.
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