The application of blockchain and non-fungible tokens shows potential for eliminating back-office overhead and human error ahead of inflation
OriginClear, The Water Company for the New Economy, has filed “System and Method for Water Treatment Incentive”, a patent application for using blockchain technology and non-fungible tokens (NFT) to simplify the distribution of payments on outsourced water treatment and purification services billed on a pay-per-gallon basis ahead of inflation.
Riggs Eckelberry, CEO of OriginClear, commented: “We have learned that paying numerous parties in service-based water treatment is a cumbersome process that creates mislaid emails and human error. We believe the use of blockchain technology and NFT can eliminate these problems and help enable an outsourced water treatment marketplace.”
The company has begun the development process of using such blockchain technology and NFT, while also exploring other ways to address payment issues.
“Water is a risk that we expect smart managers will outsource, especially with worsening inflation,” Eckelberry added. “Outsourcing through what we call Water on Demand could mean that these companies do not have to worry about the problem, either financing it or managing it.”