BANKEX Unveils First Blockchain-Primarily based Public Entry Clear Water System in Kenya

Ripple Co-Founder: Company's Centralization 'Should Be Concerning for People' -

Far past the cryptocurrency market and different enterprise functions, blockchain expertise holds the important thing to fixing a number of nagging points around the globe as we speak. BANKEX is leveraging the facility of blockchain expertise to proffer options to the worldwide clear water scarcity drawback.

International Clear Water Scarcity

Water covers 70 p.c of the earth. Nonetheless, solely about three p.c of that quantity is fit to be eaten with out the necessity for complete purification processes. The majority of the earth’s water provide is saline, and due to this fact, non-potable. The steps wanted to acquire pure ingesting water will be extremely capital-intensive thus making clear water a luxurious far out of the attain of individuals in impoverished areas of the world.

As the worldwide inhabitants continues to extend, freshwater assets are starting to decrease. Many areas around the globe face the clear and current hazard of water disaster as potable water reservoirs are declining around the globe. The World Financial Discussion board (WEF) estimates that by the 12 months 2030, demand for freshwater will exceed the accessible provide by as a lot as 40 p.c. Thus, the WEF has recognized water scarcity because the single biggest disaster going through the globe as we speak.

To this finish, UNICEF spends over tons of of thousands and thousands of every year on water, sanitation, and hygiene-related (WaSH) humanitarian initiatives around the globe. Regardless of the concerted efforts being made, greater than 844 million folks around the globe nonetheless haven’t any entry to scrub ingesting water. Funds meant for help, and reduction initiatives are generally not effectively utilized. Bureaucratic crimson tape continues to represent a substantial bottleneck to the actualization of the goals and targets of those initiatives. Fairly than these funds getting used for his or her supposed objective, they’re diverted to take care of the organizational construction or embezzled outright.

The WaterCoin Challenge

Blockchain, the expertise behind cryptocurrencies like Bitcoin and Ethereum presents the opportunity of enhancing upon the present efforts being made to resolve the worldwide water scarcity. Centralized processes are usually slowed down by transparency and safety points. Lack of trusted info stream displaying how funds are being utilized disincentivizes donors from persevering with to contribute to those worthy causes.

BANKEX has determined to use blockchain expertise to create a strong and complete decentralized platform that restores transparency and ensures even handed use of charitable challenge funds. WaterCoin is a blockchain-based token that permits folks from all around the world to donate cash in help of unpolluted water initiatives throughout the globe. WaterCoin is a utility token within the truest sense of the phrase which means that it will possibly solely be used inside the clear water initiative ecosystem.

Throughout the pilot challenge, one WaterCoin prices solely $zero.02, the worth of the ingesting water from water pipes.

Every WaterCoin is redeemable for one liter of ingesting water. At this part, a $1 donation may present 50 liters of unpolluted ingesting water, as the worth of the water system and the service price will not be included within the ultimate value.

The Narok, Kenya Pilot Challenge

Established in Narok, Kenya, the BANKEX – Watercoin pilot challenge that gives potable water to households within the city through direct donor contributions from folks around the globe. The challenge offers 10,000 liters of unpolluted ingesting water to over 1,000 folks within the space. Utilizing blockchain expertise, BANKEX has efficiently eradicated the middlemen making certain that reduction efforts are felt straight by these in want. This novel idea just isn’t solely fiscally environment friendly, however it additionally offers that lives are modified for the higher.

Daily Deals