How blockchain enables trust in water trading

9:09 am
November 30, 2023

**Summary:**
The Australian water trading market has faced challenges such as slow processing, ambiguity, and a loss of trust, leading to reduced water quality and environmental flows. In response, Arup and IBM have proposed a blockchain-enabled water trading platform as a solution to increase trust, transparency, and validation of market participants. By implementing distributed ledger technology, the platform aims to address issues of transparency, incomplete information, and lost opportunities in water trading markets. The proposed methodology seeks to be tested in the real water trading market to improve accountability and transparency within the Murray-Darling Basin.

**Blockchain Innovation to Improve Trust in Water Trading**

Australia’s leadership in water rights trading has encountered numerous challenges, including slow processing, ambiguity, and a loss of trust in the market. These issues have adversely affected water quality and environmental flows, signaling the need for a more effective and transparent solution. In response, leading organizations Arup and IBM have undertaken a pioneering initiative to propose a blockchain-enabled water trading platform to address these challenges.

The use of blockchain technology is envisioned to increase trust, transparency, and validation of market participants in the water trading market. By implementing distributed ledger technology, the proposed platform aims to provide a comprehensive and immutable record of all trades, ensuring transparency and enabling market participants to audit the blockchain at their convenience. Additionally, the blockchain solution is expected to eliminate the problem of incomplete information and foster trust through the buy-in and unanimous agreement of all participants.

The proposed methodology by Arup and IBM does not only meet the recommendations made by the ACCC and the DCCEEW’s reports but also focuses on achievable solutions without the need for new policy agreements. It seeks to improve market architecture and trade processes, aiming to steer the water trading market in the right direction.

Moving forward, the proposed methodology will undergo testing in the real water trading market, particularly in inter-valley trading scenarios where trade occurs across state borders. The team aims to establish a viable trading platform for the Australian water markets, ultimately improving accountability and transparency within the Murray-Darling Basin.

The complete discussion paper on how blockchain technology can improve accountability and transparency within the Murray-Darling Basin can be downloaded [here](https://www.arup.com/-/media/arup/files/pdf-downloads/arup-ibm-enabling-trust-in-water-trading.pdf).

**FAQs**

1. **What is the purpose of the blockchain-enabled water trading platform proposed by Arup and IBM?**
The platform aims to increase trust, transparency, and validation of market participants in the water trading market by utilizing distributed ledger technology.

2. **Why is there a need for improved accountability and transparency in the Australian water markets?**
Challenges such as slow processing, ambiguity, and a loss of trust have impacted water quality and environmental flows, necessitating a more effective and transparent solution.

3. **How will the proposed methodology be tested?**
The proposed methodology will undergo testing in the real water trading market, focusing on inter-valley trading scenarios where trade occurs across state borders.

4. **Where can I access the complete discussion paper on blockchain technology and its potential impact on the Murray-Darling Basin?**
The discussion paper can be downloaded [here](https://www.arup.com/-/media/arup/files/pdf-downloads/arup-ibm-enabling-trust-in-water-trading.pdf).


Share:

More in this category ...

7:27 pm April 30, 2024

Ripple companions with SBI Group and HashKey DX for XRPL answers in Japan

Featured image for “Ripple companions with SBI Group and HashKey DX for XRPL answers in Japan”
6:54 pm April 30, 2024

April sees $25M in exploits and scams, marking historic low ― Certik

Featured image for “April sees $25M in exploits and scams, marking historic low ― Certik”
5:21 pm April 30, 2024

MSTR, COIN, RIOT and different crypto shares down as Bitcoin dips

Featured image for “MSTR, COIN, RIOT and different crypto shares down as Bitcoin dips”
10:10 am April 30, 2024

EigenLayer publicizes token release and airdrop for the group

Featured image for “EigenLayer publicizes token release and airdrop for the group”
7:48 am April 30, 2024

VeloxCon 2024: Innovation in knowledge control

Featured image for “VeloxCon 2024: Innovation in knowledge control”
6:54 am April 30, 2024

Successful Beta Service release of SOMESING, ‘My Hand-Carry Studio Karaoke App’

Featured image for “Successful Beta Service release of SOMESING, ‘My Hand-Carry Studio Karaoke App’”
2:58 am April 30, 2024

Dogwifhat (WIF) large pump on Bybit after record reasons marketplace frenzy

Featured image for “Dogwifhat (WIF) large pump on Bybit after record reasons marketplace frenzy”
8:07 pm April 29, 2024

How fintech innovation is riding virtual transformation for communities around the globe  

Featured image for “How fintech innovation is riding virtual transformation for communities around the globe  ”
7:46 pm April 29, 2024

Wasabi Wallet developer bars U.S. customers amidst regulatory considerations

Featured image for “Wasabi Wallet developer bars U.S. customers amidst regulatory considerations”
6:56 pm April 29, 2024

Analyst Foresees Peak In Late 2025

Featured image for “Analyst Foresees Peak In Late 2025”
6:59 am April 29, 2024

Solo Bitcoin miner wins the three.125 BTC lottery, fixing legitimate block

Featured image for “Solo Bitcoin miner wins the three.125 BTC lottery, fixing legitimate block”
7:02 pm April 28, 2024

Ace Exchange Suspects Should Get 20-Year Prison Sentences: Prosecutors

Featured image for “Ace Exchange Suspects Should Get 20-Year Prison Sentences: Prosecutors”
7:04 am April 28, 2024

Google Cloud's Web3 portal release sparks debate in crypto trade

Featured image for “Google Cloud's Web3 portal release sparks debate in crypto trade”
7:08 pm April 27, 2024

Bitcoin Primed For $77,000 Surge

Featured image for “Bitcoin Primed For $77,000 Surge”
5:19 pm April 27, 2024

Bitbot’s twelfth presale level nears its finish after elevating $2.87 million

Featured image for “Bitbot’s twelfth presale level nears its finish after elevating $2.87 million”
10:07 am April 27, 2024

PANDA and MEW bullish momentum cool off: traders shift to new altcoin

Featured image for “PANDA and MEW bullish momentum cool off: traders shift to new altcoin”
9:51 am April 27, 2024

Commerce technique: Ecommerce is useless, lengthy are living ecommerce

Featured image for “Commerce technique: Ecommerce is useless, lengthy are living ecommerce”
7:06 am April 27, 2024

Republic First Bank closed by way of US regulators — crypto neighborhood reacts

Featured image for “Republic First Bank closed by way of US regulators — crypto neighborhood reacts”
2:55 am April 27, 2024

China’s former CBDC leader is beneath executive investigation

Featured image for “China’s former CBDC leader is beneath executive investigation”
10:13 pm April 26, 2024

Bigger isn’t all the time higher: How hybrid Computational Intelligence development permits smaller language fashions

Featured image for “Bigger isn’t all the time higher: How hybrid Computational Intelligence development permits smaller language fashions”
7:41 pm April 26, 2024

Pantera Capital buys extra Solana (SOL) from FTX

Featured image for “Pantera Capital buys extra Solana (SOL) from FTX”
7:08 pm April 26, 2024

Successful Beta Service release of SOMESING, ‘My Hand-Carry Studio Karaoke App’

Featured image for “Successful Beta Service release of SOMESING, ‘My Hand-Carry Studio Karaoke App’”
12:29 pm April 26, 2024

SEC sues Bitcoin miner Geosyn Mining for fraud; Bitbot presale nears $3M

Featured image for “SEC sues Bitcoin miner Geosyn Mining for fraud; Bitbot presale nears $3M”
10:34 am April 26, 2024

Business procedure reengineering (BPR) examples

Featured image for “Business procedure reengineering (BPR) examples”
7:10 am April 26, 2024

85% Of Altcoins In “Opportunity Zone,” Santiment Reveals

Featured image for “85% Of Altcoins In “Opportunity Zone,” Santiment Reveals”
5:17 am April 26, 2024

Sam Altman’s Worldcoin eyeing PayPal and OpenAI partnerships

Featured image for “Sam Altman’s Worldcoin eyeing PayPal and OpenAI partnerships”
10:55 pm April 25, 2024

Artificial Intelligence transforms the IT strengthen enjoy

Featured image for “Artificial Intelligence transforms the IT strengthen enjoy”
10:04 pm April 25, 2024

Franklin Templeton tokenizes $380M fund on Polygon and Stellar for P2P transfers

Featured image for “Franklin Templeton tokenizes $380M fund on Polygon and Stellar for P2P transfers”
7:13 pm April 25, 2024

Meta’s letting Xbox, Lenovo, and Asus construct new Quest metaverse {hardware}

Featured image for “Meta’s letting Xbox, Lenovo, and Asus construct new Quest metaverse {hardware}”
2:52 pm April 25, 2024

Shiba Inu (SHIB) unveils bold Shibarium plans as Kangamoon steals the display

Featured image for “Shiba Inu (SHIB) unveils bold Shibarium plans as Kangamoon steals the display”