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Eric Piscini, Principal Global Blockchain Leader, Deloitte
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4IR to Bring an End to the Global Water Crisis: Role of AI and Blockchain
The statistics have a new record every World Water Day for the increasing gap between the demand and supply of water across the globe. In fact, water insecurity ranks among the top global risks since seven consecutive years. According to the recent reports, people might experience a 40 percent inflation in the gap by 2050. Furthermore, the expense of sealing the demand and supply is also considerably high. Billions of dollars are being spent to extenuate the gap every year but have been unable to haul positive outcomes so far. However, environmentalists suggest that innovation should be brought in the movement in order to fetch significant results.
The Fourth Industrial Revolution (4IR) has inspired environmentalists to consider the recent evolution of information and technology in order to drive improvement into the system used to control the global water crisis. Among them, blockchain and artificial intelligence (AI) along with other high-end technologies emerge as most promising to address the problem.
In the 4IR era, distributed ledgers can be leveraged which will be responsible for recording transactions between parties involved in the water supply chain. This blockchain solution will enable the entire ecosystem including policymakers, managers, the industry as well as household consumers to keep a note of the water quality and quantity.
In addition, AI can be combined with IoT and other technologies to transform the supply and maintenance of the quality and quantity of the water being supplied to consumers on a daily basis. The system is predicted to have a massive impact on the swelling gap between the demand and supply of fresh water.