HIGHLIGHTS-
- India’s first digital water bank, ‘AQVERIUM’ was inaugurated in Bengaluru.
- The unique initiative aims to aggregate water resources under a single platform.
- The digital water bank will be developed on blockchain technology.
Digital water Bank: Water crisis and pollution are degrading with the ongoing climate change. It causes an ill-effect in the surrounding. To combat this aggravating situation, the Karnataka government has come up with an innovative idea for better water management.
India’s first digital water bank, ‘AQVERIUM’ is inaugurated in Bengaluru. The unique initiative aims to aggregate water resources under a single platform. Not only India, but it is also possibly the world’s first digital water bank. Ironically, the digital water bank will be developed on blockchain technology.
All about Digital Water Data Bank
The Digital Water Data Bank is a curated repository of water data from all institutions and sources that will aid in addressing addressing certain common development concerns. Insights and evidence from research and analytics are also provided through the Digital Water Data Bank. This results in fundamentally accurate information for addressing water contamination.
To reach a water-secure future, data allows us to develop the clearest picture, utilise the greatest evidence, and make informed decisions. When it comes to water, data-driven decisions can significantly improve service delivery, water resource sustainability, and resilience.
Digital water bank: Blockchain Technology
The unique water bank will be open to everyone. The users will be able to register an account and indicate how much surplus water they have to save. The excess water will be turned into a blockchain-based coin. The value of the token will rise and fall in accordance with demand and supply, just like the stock market.
In addition, the program will see the establishment of a digital university, the Centre for Innovation, Sustainability, and Social Entrepreneurship. It will support carrying out skill-building initiatives in rural areas around the country.
Digital water bank: Holistic and Sustainable approach
The one-of-a-kind initiative was spearheaded by Aqua Kraft Ventures. The company specializes in sustainable initiatives to provide clean water and sanitation to all. Dr. CN Ashwath Narayan, Science and Technology Minister inaugurated the digital water bank. He expressed the state government’s full support for the initiative.
The minister stated, “The initiative is a holistic and sustainable approach to finding a much-needed solution to a crisis that not only India but the entire world is facing,” Further he added, We enthusiastically endorse this endeavor and will provide all necessary assistance to make it a unicorn of long-term viability and effect.
