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. http://bitcoinist.com/bankex-unveils-first-blockchain-based-public-access-clean-water-system-kenya/