WakeUp Labs and Kilimo have partnered to tokenize water-saving certificates as non-fungible tokens (NFTs).
The agreement aims at representing farmers’ water savings as NFTs and would introduce a real-world usage of NFTs in the agricultural sector. It also aims to ensure extra revenue generation for farmers using proper irrigation techniques.
The tokenization would reward farmers through interested parties’ purchase of these tokenized certificates.
Built on the Rootstock Ecosystem, WakeUp Labs will allow the individual creation and registration of NFT certificates on the blockchain.
The registration would provide a clear record of the farmers’ water savings, thus making it verifiable. Also, Rootstock’s position as the first Bitcoin sidechain and its additional possession of over 50% of the Bitcoin hash rate represents its level of security.
Using Machine Learning to reduce the use of water in agriculture
As a ClimTech company, Kilimo uses “Big Data and Machine Learning” to measure, verify and improve water consumption in agriculture.
With over 72 billion liters of water saved in Latin America, a 2020 report by the WWF (World Wildlife Fund) suggests more than half of the world’s population could be at high water risk by 2050. The Climtech company currently boasts more than 2,000 farmers using its irrigation techniques.
Commenting on the partnership, Kilimo founder Jairo Trad describes the process as a step towards making everyday decentralized finance (DeFi) a reality.
He 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”
Corroborating the story, IOV Labs Head of Social Impact, Augustin Pandolfini, is excited about the partnership. He says it is “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.”
