Civic Ledger, a leading multi-award-winning Brisbane-headquartered international company building trust layer solutions for the markets of tomorrow with distributed ledger technology and smart contracts, became the latest company to receive support from the HBAR Foundation’s Sustainable Impact Fund. The grant will cement Civic Ledger’s role in furthering sustainability markets, specifically in water and supporting indiginous peoples water rights in Australia.
Founded in 2016, Civic Ledger’s mission is to take accurate stock of shared public resources by immutably recording issuance and ownership entries to digital ledgers to help track the use and agreement on the true value of natural assets like water. The company is also putting its efforts to solve the issues related to the United Nations’ Sustainable Development Goals. In June 2021, the World Economic Forum accepted Civic Ledger in its Technology Pioneer 2021 Cohort.
The recent development grant reinforces the HBAR Foundation’s commitment to a sustainable future. The HBAR Foundation recently established the HBAR Foundation Sustainable Impact Fund (SIF) and allocated more than 100 million USD to facilitate sustainability and to address the climate crisis. The Foundation's latest grant to Civic Ledger will help the development of a sustainable water economy powered by blockchain technology.
Civic Ledger’s Water Ledger platform redesigns water accounting and the governance of water markets through the power of blockchain and data. The Water Ledger platform proposes that tokens are minted for each water resource system to represent the total unit volumes of water that are available for use (H2Tokens). These H2Tokens are allocated to the different water classes within the resource system. Individuals self-assert water rights which are then stored in a ‘water wallet’ (H2Right tokens), all linked to a specific water class in a specific water resource system.
In late 2021, Civic Ledger joined forces with Everledger as a Solution Partner under the Blockchain Pilot for Australian Critical Minerals, the world’s first digital blockchain for critical minerals, where Water Ledger will play a pivotal role in demonstrating water accounting and compliance informed by the Water Accounting Framework (WAF) to verify the responsible sourcing and discharge of water during the mining phase of Australia’s critical minerals.
Water Ledger’s verification of physical and compliance water will inform Everledger’s “ethical passport” to help show the sustainability credentials of critical mining activities. Civic Ledger is enhancing its Water Ledger platform to account for the extraction and discharge of water and compliance to water licenses using Hedera’s Guardian service.
The Guardian is a modular open-source solution that includes best-in-class identity management and decentralized ledger technology (DLT) libraries. At the heart of the Guardian solution is a sophisticated Policy Workflow Engine (PWE) that enables the ability for applications to offer a requirements-based tokenization implementation.
“Developing on Hedera and migrating from Ethereum helped us leverage unique aspects of the Guardian solution on Hedera to further our sustainability initiatives,” said Matt Burgess, Principal Blockchain Lead at Civic Ledger.
“Building Water Ledger on Hedera will allow a transformative level of integration between tools such as shared identity service providing Verifiable Credentials for water licensing. What is appealing to Civic Ledger is that Water Ledger needs a policy engine given all the water market rules and the Guardian’s approach will provide a good template to enable Water Ledger’s workflow to run through a number of policy steps and rules and if those steps are met, it issues a token.”
“From a development perspective Hedera is well documented and easy to use integration (no Infura for example) and upgrading and adding new features is easy to achieve.”
About the HBAR Foundation
Founded in 2021, the HBAR Foundation fuels the development of the Hedera ecosystem by providing grants and other resources to developers, startups, and organizations that seek to launch decentralized applications in Defi, NFTs, CBDCs, sustainability, gaming, and other sectors. In addition to providing funding through a streamlined grant process, the HBAR Foundation acts as an integrated force multiplier through expert support across technical, marketing, business development, and other operational functions that are required to scale. You create, we empower.
About the Civic Ledger
Civic Ledger is a multi-award-winning Brisbane-headquartered global company building trust layer solutions for markets of tomorrow with blockchain technology and smart contracts. By digitizing the ownership and real-time tracking the issuance, use and/or exchange of shared public resources regulated by governments, our RegTech solutions reduce the cost burden of compliance reporting by participants of industry ecosystems whilst increasing transparency to citizens improving confidence and trust.