Blockchain Technology Could Soon Be Used For Water Rights Management In Colorado
The lawmakers in Colorado have been heavily focused on the ways that it can implement blockchain technology. Just today, the announcement that the city of Denver would be using blockchain technology in a potential smartphone application for voting was published. Now, adding onto their use cases, the local legislators hope to use the state for the study of blockchain technology in the management of water rights.
Republican senator Jack Tate, Democratic representative Jeni James Ardnt, and Republican representative Mark Catlin jointly filed a new bill, SB19-184, to this effort. The bill requests a “grant of authority” that would enable the Colorado Water Institute to see the ways the blockchain technology could be used in their efforts.
Aimed to be performed out of the Colorado State University, from which the Colorado Water Institute is an affiliate, the trio requested permission to use the listed resources to:
- Study how blockchain technology can be used for managing a database that would organize water rights effectively/
- Create some type of establishment for the water market or a water bank.
- Report results of the research to the general assembly.
In order to carry out the study, the institute will need enough money to support their work, which they would gather from solicitation of donations from both private and public institutions. Optimally, the Colorado Water Institute will be able to connect the expertise of higher education with the research needs that water managers and users possess.
The Open Energy Information (OpenEI) website, which was originally developed by the U.S. Department of Energy, states that there is already a plan by Colorado that distributes the water rights and how water is used. According to reports from The Next Web, there has yet to be a release on the type of blockchain model that will be used, but a public blockchain would most likely serve the necessary purpose best. The Next Web also points out that the blockchain offers trackability for water quantity and quality, so there is no risk of government tampering.
The full Senate bill can be viewed at http://leg.colorado.gov/sites/default/files/documents/2019A/bills/2019a_184_01.pdf.