A new project in northern Australia is using blockchain technology to improve supply chains in the water market in one of the first applications of its kind.
Fast facts
- More than 1,000 farmers in the northeastern state of Queensland have partnered with blockchain firm Civic Ledger and other groups for the project to address growing water security issues and protect fair access to water, according to a press release.
- Known as Water Ledger, the project will be incorporated into the Mareeba-Dimbulah Water Supply Scheme, a major project established in 1958 that currently provides over 200,000 megaliters to irrigation, industrial and urban customers in the state.
- It is hoped the ledger can reduce trading costs, improve the efficiency of trade processes and increase water market transparency when it goes live in mid-2022.
- The region is a major global producer of agricultural products such as avocados, mangos and bananas.
- Water management in Australia, which frequently experiences droughts and bushfires, is a critical policy issue due to the climate and size of the country, but some experts argue it is underrated in national infrastructure planning.