Built on the Rootstock, WakeUp Labs has collaborated with Kilimo, a leading digital platform for irrigation management in agriculture, to create a system for issuing non-fungible tokens (NFTs) in the form of water-saving certificates. This implies that businesses who wish to offset their impact on water resources may purchase NFTs that reflect farmers’ water savings. Those farmers that make the most of their irrigation systems will benefit financially from this process.
WakeUp Labs, a component of the Rootstock Ecosystem, will facilitate the generation of NFTs certificates that will be recorded on the blockchain, giving irrefutable proof of the water savings that have been achieved. Since more than half of the Bitcoin hash rate is dedicated to Rootstock, the first Bitcoin sidechain that provides smart contract capability to the Bitcoin network, this whole ecosystem is among the safest in the world.
Founder of Kilimo, Jairo Trad 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”
A ClimTech startup, Kilimo validates and improves agricultural water use. In order to make the most use of these assets, they use Big Data and Machine Learning techniques in the farming sector. More than 2,000 farms regularly employ their irrigation methods. According to a projection by the World Wildlife Fund (WWF) in 2020, 51 percent of the population might be under high flood risk by 2050. More than 72 billion gallons of water were conserved thanks to Kilimo’s efforts across Latin America.
Augustin Pandolfini commented:
“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.”