WETx was recently awarded $256,000 from the National Science Foundation to continue developing a novel digital platform dedicated to streamlining water transactions. WETx works with special service districts, municipalities, agriculture, and mining companies to increase transparency and decrease the time and effort required to research, negotiate, and complete water-share transactions.
WETx creates digital twins of water shares and water rights on a public ledger to remove the frustrations of water transactions. Utilizing industry-leading security, encryption, distributed ledger technology (DLT), and water expertise, provenance can be proven, and water ownership can reliably be transferred from one person to another without intermediaries and additional costs traditionally involved in the process.
WETx’s Phase I award came through the federal Small Business Innovation Research (SBIR) program. The SBIR program and the Small Business Technology Transfer (STTR) program offers around four billion annually in competitive funding to innovative small businesses across the country each year.
The Utah Innovation Center assisted WETx with its winning proposal and is available to assist other Utah companies looking for non-dilutive funding through the federal SBIR/STTR programs. The Utah Innovation Center can be contacted at innovationutah@utah.gov.
