Government agency the Cooperative Research Centre for Developing Northern Australia (CRCNA) is collaborating with blockchain firm Civic Ledger to develop a water trading platform in the Far North Queensland (FNQ) region, the Water Ledger.
Water trading in Australia is a complex business. Water rights or entitlements provide a share of the total water “pool” but the entitlements were granted in perpetuity. So the only way for new or existing users to increase their share of water is to buy entitlements from existing holders.
Civic Ledger told Ledger Insights that the market is relatively opaque and has received criticism for lack of reporting on who is trading what, where and when. Additionally, the current process of reporting trades is fragmented and raises concerns about fake transactions.
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