First blockchain-based water market soon to launch in Australia

First blockchain-based water market soon to launch in Australia

BUSINESS/ECONOMY

First blockchain-based water market soon to launch in Australia

This partnership aims “to protect fair access to water” in the midst of increasing “water security fears”

01/12/2022

First blockchain-based water market soon to launch in Australia

Australia will be the first country to have a blockchain-based water market around the world. According to the plan, the project will start later this year. 

Cooperative Research Centre for Developing Northern Australia is collaborating with the Brisbane-based blockchain company Civic Ledger.  Based on the report, “CRCNA will invest AUS$75 million of Commonwealth funds to support research collaborations.” 

Implementation of Australia’s Blockchain-based Water Ledger

Civic Ledger, founded in 2015, is utilizing “a blockchain solution to provide transparency for water management”. The company has teams in Europe, Asia, and the Australasian continent; it will also venture into the USA. 

In addition, CRCNA and Civic Ledger’s partnership permits Mareeba-Dimbulah Water Supply Scheme to become a blockchain market and trading platform, named Water Ledger. 

Water Ledger will confirm transactions and streamlining using a public verifiable system. Thus, this blockchain-based water system will improve water management and water equity. 

CRCNA CEO Anne Stünzer said, “Our aim is for water markets that implement transparent governance frameworks and support the sustainable economic development of Northern Australia.”

Reaction of the Queensland’s Agricultural Communities

Far North Queensland Growers’ President Joe Moro responds positively to the project for Northern Australia’s emerging water markets. He even confirms that their association cooperates well with CRCNA, Civic Ledger, and Inclusive Growth Partners to create place-based governance models. 

Furthermore, Moro emphasizes that the project is helpful for “emerging grower-led water markets in Northern Australia.” He added, “The nation relies on our avocados and mangoes – we need a water market platform that we can trust so that the crops that we plant today have the water they need tomorrow.”

Cassian Drew, the Managing Partner of Inclusive Growth Partners’ spokesperson, expresses the same views. “Our place-based investment and governance platform will support growers, indigenous Australians, and investors to create and participate in new opportunities enabled by Water Ledger and the work of FNQ Growers and the CRCNA.”

Meanwhile, Civic Ledger CEO Katrina Donaghy states they feel excitement since the pilot receives positive feedback. Donaghy says that they will continue their partnership with CRCNA and FNG Growers for establishing a peer-to-peer water trading culture in Far North Queensland. 

By Marielle Petere Wozinga Staff

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