An IBM project using the Internet of Things and the blockchain technology will try to combat drought in California, United States, according to a press release that reached our crypto news website today.
IBM Research partnered with tech provider SweetSense which have both partnered with a non-profit organization The Freshwater Trust and the University of Colorado Boulder in order to find a way using blockchain and IoT to manage groundwater in some of the largest drought areas in North America located in Sacramento, San Joaquin River Delta.
The underground layer of water-bearing rock known as the aquifer helps the groundwater to be extracted and transported across a certain region. The Sacramento-San Joaquin River Delta is considered to be the perfect place to test the ground for this sustainability pilot. IoT sensors will be used as a part of the project to transmit water extraction data which will detect rainfall and other weather information and the data can then be stored on the IBM blockchain platform.
SweetSense has already been working on implementing its sensor technology in order to easily monitor groundwater supplies for more than a million people in Ethiopia and Kenya and for this reason they plan to expand their system to 5 million people by the end of this year.
As previously reported, the World Economic Forum outlined about 60 blockchain use cases that are able to solve the biggest environmental challenges around the world. the WEF foundation even proposed blockchain solutions as well that can change the management of supply chains and sustainable fundraising sources.
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“a) exchange between crypto assets, b) transfer of virtual assets, and c) participation in and provision of financial services related to an issuer’s offer and/or sale of a crypto asset.”Cyprus is one of the seven EU member countries that have already released a declaration that aims to promote the use of DLT in the region. Last fall, the national investment partner in the country, Invest Cyprus, signed a Memorandum of Understanding with VeChain Foundation from Singapore in order to work on multiple national level investment strategies that will be blockchain based.
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“Blockchain technology has established a highly mutual trust data sharing mechanism among tax authorities, invoice service providers, taxpayers and other parties. This is a major reason for the tax authorities to take a new step in deepening the [technological] reform [by] the distribution services.”Back in December 2018, one of the bigger cities in the Guangdong province-Shenzhen announced its success story of how blockchain technology helped with the tax invoices via the messaging app WEChat payment platform. Also, last year in November, the capital of the Guangdong and one of the most developed economic zones in China, Guangzhou, was chosen as a headquarters city for the new blockchain alliance. The alliance involves 54 different companies and is promoting blockchain technology in finances and trading. Countries around the world are opting for blockchain-based tax solutions because of the higher efficiency and transparency.
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