It is common knowledge that blockchain technology has found applications in many industries such as fintech, supply chain, digital asset management, gaming, etc. But did you know that it is also used for store water?
Meet classmates and mechanical engineers Irthu Suresh and Nakul Reddi who started Atlantisa decentralized peer-to-peer (P2P) water management project.
The duo’s terrible experiences with severe water shortage in bangaloreas well as Irthu’s difficulties in standardizing the office drinking water supply, led childhood friends to try to solve the water stress.
“When I was working to supply the offices with supplies, it was difficult to ensure that each office received the same quality of water. The state of the water making facilities was appalling and there was no monitoring of quality,” says Irthu.
So, in 2019, the two started creating a dedicated water marketplace and a map-like water database using GIS Resource Mapping.
How Atlantis Works
A P2P water network, Atlantis is the decentralized project under the broader banner of hydropthe larger water services project of the co-founders.
Atlantis helps increase access to clean water, encourage harvesting and regeneration, and claims to be the only free water market of its kind to promote fair trade in water resources.
The platform is a coordinated effort to mitigate and address water stress using decentralized tools, and seeks to reward users with its native crypto tokens. ($AGUA) for their social impact.
The heart of the water network is an engine comprising smart cards, integrated markets and oracles.
According to Irthu, the start-up entity aims to become the digital layer of connectivity between demand and water supply. Communities and businesses will use Atlantis to solve their water stress, and will sell and buy water from each other.
According to the project white paper, a user can map their water systems, monitor water quality and supply at a specific location on the map, discover water solutions, implement water conservation solutions on its premises, participate in networking activities and earn tokens while performing all of the above activities.
Areas of focus and traction so far
The company is currently focusing on digital natives in water-stressed megacities like Bengaluru and sectors that are highly dependent on water supply to run their businesses, such as textiles, painting and manufacturing.
“Only decentralization makes it possible to build a popular network. However, since water is a physical, operationally intensive industry, we realize that some of our efforts will be in Web2 while others will be in Web3,” said Irthu.
“We are building the decentralized network on Ethereum and Polygonand currently have a prototype that will be tested by 5,000 users in the coming months.
The Web 2-started startup’s similar service, covered under the Hydrop banner, has more than 11,000 users, he claims.
Atlantis has also had promising experiences with its pilot projects with DTDC and The Leela Palace. For DTDC, the project contributed to the standardization of drinking water supply. For The Leela Palace, Atlantis has optimized the use of water, from auditing to conservation and regeneration.
“In addition, service providers can also connect to the market and perform certain tasks related to water management in certain locations. We have auditors registered with Atlantis, and they can evaluate the projects they choose,” adds Irthu.
The future of Atlantis
Many core components of Atlantis require the use of blockchain technology, such as decentralization, transparency, a trustless system and tokens to incentivize and reward social impact.
In the near future, he plans to contact 10,000 testers and community members on its decentralized network (and gradually transform into CAD), develop its website and activate five pilot sites (two in India and three in the Middle East, Africa and Western North America).
The co-founders are also looking to shore up their core team, flatten the token economy, and roll out the Beta release of Atlantis by Q3 2022.