the consensus mechanism). Criticisms regarding Bitcoin’s usage of increasing
amounts of electricity (and hence water) have been recently levelled, particularly
in light of a desire to reduce carbon footprints [25]. However, a blockchain
only needs substantial power if trying to secure something valuable on a public
permission-less platform. A private permissioned blockchain requires very little
proof of work security. This type of blockchain relies on user access control (for
trust) and consensus and governance being achieved by other methods (such as
proof of stake), and these platforms are being implemented by large corporations
for a wide range of applications.
Blockchain technology could alleviate utility fears about the security and
confidentiality of data by creating transparent supply chains and provide analysts
with better datasets to use in their analyses. Data mining, analytics and AI depend
crucially on the quality and quantity of data so this has been a bottleneck. Blockchain
could help with sharing of data among utilities. They are often reluctant to contribute
data to joint databases, often citing confidentiality and commercial sensitivity as
the key reason. With blockchain technology, it is also possible for industries,
consumers, households, and water managers to retrieve valuable information about
water quantity and quality and help make informed decisions. This data empowers
users to make better decisions about water usage and conservation, once regulatory
constructs exist (with near-term potential in water billing and supply management).
Other use cases include:
• Peer-to-peer trading. Blockchain can deliver a financial platform for decentralised
water treatment and management in local communities in a similar manner as
solar panel energy trading. Civic Ledger has used blockchain to improve water
trading in Australia, allowing smaller irrigators to enter the market by reducing
intermediaries. This company has also been investigating how a blockchain micro
trading platform could open up rainwater trading with residents near Melbourne.
• Smart contracts and settlements. A water treatment technology company Origin
Clear has developed a system called ‘Waterchain’ to finance water treatment by
embedding smart contracts and a cryptocurrency for payments on a decentralised
water funding platform.
• Water rights trading – such as trading water credits and tracking shortfall and
surplus with a digital twin.
• Buying and selling energy.
• Cybersecurity.
• Capital raising.
7 Smart Networks
Smart cities need to bring together hard infrastructure, social capital including
local and community institutions and technologies to fuel sustainable economic
development and provide an attractive environment for all [26]. The concept of a
smart city within the context of water means using technologies for optimising
16
S. R. Mounce
amounts of electricity (and hence water) have been recently levelled, particularly
in light of a desire to reduce carbon footprints [25]. However, a blockchain
only needs substantial power if trying to secure something valuable on a public
permission-less platform. A private permissioned blockchain requires very little
proof of work security. This type of blockchain relies on user access control (for
trust) and consensus and governance being achieved by other methods (such as
proof of stake), and these platforms are being implemented by large corporations
for a wide range of applications.
Blockchain technology could alleviate utility fears about the security and
confidentiality of data by creating transparent supply chains and provide analysts
with better datasets to use in their analyses. Data mining, analytics and AI depend
crucially on the quality and quantity of data so this has been a bottleneck. Blockchain
could help with sharing of data among utilities. They are often reluctant to contribute
data to joint databases, often citing confidentiality and commercial sensitivity as
the key reason. With blockchain technology, it is also possible for industries,
consumers, households, and water managers to retrieve valuable information about
water quantity and quality and help make informed decisions. This data empowers
users to make better decisions about water usage and conservation, once regulatory
constructs exist (with near-term potential in water billing and supply management).
Other use cases include:
• Peer-to-peer trading. Blockchain can deliver a financial platform for decentralised
water treatment and management in local communities in a similar manner as
solar panel energy trading. Civic Ledger has used blockchain to improve water
trading in Australia, allowing smaller irrigators to enter the market by reducing
intermediaries. This company has also been investigating how a blockchain micro
trading platform could open up rainwater trading with residents near Melbourne.
• Smart contracts and settlements. A water treatment technology company Origin
Clear has developed a system called ‘Waterchain’ to finance water treatment by
embedding smart contracts and a cryptocurrency for payments on a decentralised
water funding platform.
• Water rights trading – such as trading water credits and tracking shortfall and
surplus with a digital twin.
• Buying and selling energy.
• Cybersecurity.
• Capital raising.
7 Smart Networks
Smart cities need to bring together hard infrastructure, social capital including
local and community institutions and technologies to fuel sustainable economic
development and provide an attractive environment for all [26]. The concept of a
smart city within the context of water means using technologies for optimising
16
S. R. Mounce