WaterChain Cryptocoin to Fund Decentralized Water Projects
Access to reliable and safe water is a right of every Puerto Rican, which has not been consistently honored. In 2010, the Puerto Rico Aqueduct & Sewer Authority (Prasa) agreed to implement major capital improvements and upgrades to resolve alleged longstanding violations of the Clean Water Act at 126 drinking water plants across the island and violations of the Safe Drinking Water Act with the Justice Department and U.S. Environmental Protection Agency (EPA).
After hurricanes Irma and Maria devastated Puerto Rico, Prasa’s task became difficult as massive flooding overwhelmed water treatment plants and for weeks deprived hundreds of thousands of residents of safe drinking water. Moving to the future, Prasa’s priority has been to fund projects that ensure safe potable water. However, because of its inability to access the markets, Prasa is having a tough time obtaining financing.
OriginClear Inc., a provider of water treatment solutions, has set up WaterChain, a decentralized water-funding initiative, which recently issued an open call for modular, onsite water treatment projects for Puerto Rico. WaterChain is intended to be a funding mechanism for decentralized water projects, with plans to implement blockchain elements to make them more efficient.
Riggs Eckelberry, CEO of OriginClear, said the company is writing a white paper for WaterChain and making a coin offering.
“Right now, we are incubating…. While this is happening, we will have one or two projects running in parallel…that we can finance through our incubation dollars,” he said.