WakeUp Labs uses Rootstock for water savings NFT with Kilimo
“We are excited because Kilimo’s technology will allow farmers to receive income for saving water, and simultaneously companies can offset their water footprint.”
Rootstock-powered WakeUp Labs has partnered with agriculture specialist Kilimo in order to develop the technology infrastructure for generating water-saving certificates using non-fungible tokens (NFTs).
NFTs represent farmers’ water savings and can be bought by companies that want to compensate for their water footprint in a mechanism that generates additional income for farmers who use irrigation efficiently.
A 2020 report made by the World Wildlife Fund found that, by 2050, 51 percent of the population could be at high water risk.
NFTs to help farmers receive income for saving water
Kilimo is a ClimTech start-up specialized in irrigation management. The firm verifies and helps to improve water consumption in agriculture using Big Data and Machine Learning. The startup’s irrigation system is used by over 2,000 farmers and has already saved over 72 billion liters of water in Latin America.
Jairo Trad, founder of Kilimo, said: “We are excited because Kilimo’s technology will allow farmers to receive income for saving water, and simultaneously companies can offset their water footprint. This is how we can make Everyday DeFi a reality”
The Rootstock is a smart contracts platform designed to leverage Bitcoin’s hash power while extending its capabilities. The Bitcoin sidechain has more than 50% of the Bitcoin hash rate, which makes this entire ecosystem one of the most secure in the world, the network claims. Rootstock and its infrastructure framework have IOVLabs as a key contributor.
Augustin Pandolfini, Head of Social Impact at IOV Labs, said: “Amazing to see RSK being tapped by these two influential players for a great sustainable cause that’s helping enable innovative everyday DeFi for farmers.”
WakeUp Labs will support the creation of NFTs certificates that provide clear evidence of the water savings achieved.
IOVlabs builds low-cost platforms for the new global economy, harnessing the benefits of Bitcoin with a suite of tools to create and protect growth.
The organization leverages the Rootstock network (RSK) to transform the way businesses are conceived, designed, and built. Its complementary platform, RSK Infrastructure Framework Open Standard (RIF OS), takes these technologies to scale, simplifying the use of decentralized infrastructure for any traditional or Blockchain developer, organization, or innovator.
IOVlabs wants to help people everywhere to create digital identities, build reputations, establish and enforce agreements, and engage in commercial transactions without intermediaries.