India’s first digital water bank sets up shop in Bengaluru
India, and possibly the world, got its first digital water bank, an initiative to aggregate water resources under a single platform, on Monday.
BENGALURU: India, and possibly the world, got its first digital water bank, an initiative to aggregate water resources under a single platform, on Monday. Science and Technology Minister Dr CN Ashwath Narayan, who inaugurated the water bank in Bengaluru, extended the state government’s full support for the initiative, undertaken by AquaKraft Ventures, a company that specialises in sustainable initiatives to provide drinking water and sanitation to all.
The minister said, “The initiative is a holistic and sustainable approach towards finding a much-needed solution to a crisis which not only India but the world is staring at. We welcome this initiative wholeheartedly and will extend all support to make this a unicorn of sustainability and impact.”
The digital waterbank, interestingly, will be based on blockchain technology, according to AquaKraft founder and CEO Dr Subramanya Kusnur. “One of the key problems we’ve been facing, especially as an agrarian country, is the depletion of groundwater level in rural areas. The lack of water is leading to numerous challenges for farmers, resulting in suicides and other issues,” he said.
The waterbank, Kusnur said, will be open to all, where users can create an account and report the amount of surplus water they have as savings. The surplus water will be converted into a token that will go on the blockchain. Similar to the stock market, the value of the token will increase depending on the demand and supply.
Further, the initiative will also include the formation of a digital university, the Centre for Innovation, Sustainability & Social Entrepreneurship, to undertake skill building initiatives across the country in rural areas.