LOS ANGELES, Feb. 2, 2018 /PRNewswire/ — OriginClear Inc. (OTC/QB: OCLN), a leading provider of water treatment solutions, announced today that it has engaged London-based The Coin Lab (www.thecoinlab.io) to help develop a blockchain protocol, with industry participation, called WaterChain™ (www.waterchain.io).
The Coin Lab’s assignment is to develop a blueprint and process for executing on the technology strategy of placing the water industry on a blockchain protocol with a water transactional token, or coin.
WaterChain is creating a water ecosystem on the blockchain to automate the complex chain of transactions that take place daily throughout the trillion-dollar global water industry.
“We believe, with OriginClear, that a blockchain-based system could help the water industry address the world’s fast-growing water crisis,” said Tim Marchant, CEO of The Coin Lab. “Combining smart contracts with a specialized water coin to make industry transactions faster and more risk-free is a brilliant invention, and we are honored to have been chosen to blueprint the system.”
“By 2030, there will be much more demand for water than there is supply,” said Riggs Eckelberry, OriginClear CEO. “The water industry is gearing up for the challenge, and new decentralized, outsourced performance contracts are the wave of the future. WaterChain can make these work.”
“Imagine a device sensing that water has been cleaned to a specific standard,” added Eckelberry. “Based on a smart contract, that device can then trigger preprogrammed payments to service companies, vendors, financiers, and licensors, accomplishing in an instant what normally takes weeks to do, with far greater reliability and confidence.”
“We plan to open WaterChain to all water industry players, from device manufacturers to bidding marketplaces and more. It is our intention to make WaterChain a protocol and a capital source for the water industry.”
The company is currently funding the program internally. It has incorporated a wholly-owned subsidiary, retained specialized counsel, and contracted with a funding portal and a communications and project management team. With the selection of The Coin Lab, the development of WaterChain has formally begun.
OriginClear recently filed for patent protection of WaterChain, adding the invention to its existing portfolio of 35 patents and applications worldwide.
The Coin Lab, headquartered in London, believes it is the first full end-to-end blockchain delivery consulting firm in Europe; it can provide investors access to emerging crypto projects,