BANKEX Unveils First Blockchain-Based Public Access Clean Water System in Kenya
Far beyond the cryptocurrency market and other business applications, blockchain technology holds the key to solving several nagging issues around the world today. BANKEX is leveraging the power of blockchain technology to proffer solutions to the global clean water shortage problem.
Global Clean Water Shortage
Water covers 70 percent of the earth. However, only about three percent of that volume is fit for human consumption without the need for comprehensive purification processes. The bulk of the earth’s water supply is saline, and therefore, non-potable. The steps needed to obtain pure drinking water can be highly capital-intensive thus making clean water a luxury far out of the reach of people in impoverished regions of the world.
As the global population continues to increase, freshwater resources are beginning to diminish. Many regions around the world face the clear and present danger of water crisis as potable water reservoirs are declining around the world. The World Economic Forum (WEF) estimates that by the year 2030, demand for freshwater will exceed the available supply by as much as 40 percent. Thus, the WEF has identified water shortage as the single greatest crisis facing the globe today.
To this end, UNICEF spends over hundreds of millions of dollars per annum on water, sanitation, and hygiene-related (WaSH) humanitarian projects around the world. Despite the concerted efforts being made, more than 844 million people around the world still have no access to clean drinking water. Funds meant for aid, and relief projects are sometimes not efficiently utilized. Bureaucratic red tape continues to constitute a considerable bottleneck to the actualization of the aims and objectives of these projects. Rather than these funds being used for their intended purpose, they are diverted to maintain the organizational structure or embezzled outright.
The WaterCoin Project
Blockchain, the technology behind cryptocurrencies like Bitcoin and Ethereum offers the possibility of improving upon the current efforts being made to solve the global water shortage. Centralized processes tend to be bogged down by transparency and security issues. Lack of trusted information flow showing how funds are being utilized disincentivizes donors from continuing to contribute to these worthy causes.
BANKEX has decided to apply blockchain technology to create a robust and comprehensive decentralized platform that restores transparency and ensures judicious use of charitable project funds. WaterCoin is a blockchain-based token that allows people from all over the world to donate money in support of clean water initiatives across the globe. WaterCoin is a utility token in the truest sense of the word meaning that it can only be used within the clean water initiative ecosystem.
During the pilot project, one WaterCoin costs only $0.02, the price of the drinking water from water pipes.
Each WaterCoin is redeemable for one liter of drinking water. At this phase, a $1 donation could provide 50 liters of clean drinking water, as the price of the water system and the service fee are not included in the final price.
The Narok, Kenya Pilot Project
Established in Narok, Kenya, the BANKEX – Watercoin pilot project that provides potable water to families in the town via direct donor contributions from people around the world. The project provides 10,000 liters of clean drinking water to over 1,000 people in the area. Using blockchain technology, BANKEX has successfully eliminated the middlemen ensuring that relief efforts are felt directly by those in need. This novel concept is not only fiscally efficient, but it also provides that lives are changed for the better.
The project which came online in June 2018 is a test run of the WaterCoin ecosystem. Lessons learned from this project will be incorporated into subsequent WaterCoin initiatives. People from all over the world can donate by purchasing WaterCoins. They can also specify how they want their donations allocated.
NFC Revolution VC QR Codes
Locals in Narok gain access to the program by passing a routine know your customer (KYC) verification after which they are given NFC smart cards. The KYC process involves ascertaining the water usage needs of each person. Each NFC card costs less than $1. While some water systems already use QR Codes, NFC cards provide more robust security than QR codes which can easily be cloned. Furthermore, QR codes require mobile devices which brings up additional project cost implications.
The protocols being employed in the pilot project in Narok can have far-reaching consequences for more than just charity and relief endeavors. The ability of the blockchain to provide secure tracking and monitoring capabilities make it useful for applications in all types of supply chain activities from food production to shipping and logistics.
BANKEX is a fintech company that focuses on real-world applications of blockchain technology. BANKEX plays particular attention to the intersection of blockchain and traditional finance especially as it concerns the tokenization of real assets. Using smart contract protocols, BANKEX creates top-of-the-line solutions for investment, microfinance, real estate, and the futures market among others.
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Images courtesy of BANKEX