OriginClear Engages The Coin Lab To Help Develop WaterChain™ Blockchain Protocol
Files for patent protection of a token ecosystem for improved efficiency of transactions in the water industry
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.
"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, empower entrepreneurs to raise funds, deliver a successful ICO, and scale their organizations; and it can give enterprises access to connect with the best crypto and blockchain minds in the world. The Coin Lab states it has worked with Naga, McKinsey & Company, Solaris Bank, HiP, Nordea and BrickBlock, and that it is currently setting up large scale blockchain mining operations in Sweden and facilitating the brokerage of large crypto exchanges. The Coin Lab lists token economics experts, blockchain, and smart contract developers on its team.
Persons from the water industry interested in making WaterChain a reality should contact the company at www.waterchain.io. The company plans to develop the protocol in close consultation with the industry, but cautions that there is no assurance this effort will succeed, or that it will successfully fund, and eventually develop, a cryptocurrency offering.
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About OriginClear, Inc.
OriginClear is a leading provider of water treatment solutions and the developer of a breakthrough water cleanup technology serving the rapidly growing $500 billion world market. Through its wholly owned subsidiaries, OriginClear provides systems and services to treat water in a wide range of industries, such as municipal, pharmaceutical, semiconductors, industrial, and oil & gas. To rapidly grow this segment of the business, we strategically acquire profitable and well-managed water treatment companies, which allow us to expand our global market presence and technical expertise. To enable a new era of clean and socially responsible water treatment solutions, we invented Electro Water Separation™, a breakthrough high-speed water cleanup technology using multi-stage electrolysis, that we license worldwide to water treatment equipment manufacturers. Water is our most valuable resource, and the mission of the "Family of OriginClear Companies" is to improve the quality of water and help return it to its original and clear condition. To learn more about OriginClear®, please visit our website at www.originclear.com.
OriginClear Safe Harbor Statement:
Matters discussed in this release contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any statements about the Company's planned blockchain protocol, its funding efforts and future patent protection are forward-looking statements. In addition, when used in this update, the words "anticipate," "believe," "estimate," "may," "intend," "expect," "hope" and similar expressions identify such forward-looking statements. Actual results, performance or achievements could differ materially from those contemplated, expressed or implied by the forward-looking statements contained herein. These forward-looking statements are based largely on the expectations of the Company and are subject to a number of risks and uncertainties. These include, but are not limited to, the need to successfully design and deploy a new blockchain protocol, market acceptance of the protocol and its accompanying transactional coin, competition within the blockchain space, the need to successfully prosecute the patent for WaterChain at the U.S. patent office, investor interest in any future cryptocurrency offering or other financing efforts, our history of losses and our need to raise additional financing, the acceptance of our products and technology in the marketplace, our ability to demonstrate the commercial viability of our products and technology and our need to increase the size of our organization. Further information on the Company's risk factors is contained in the Company's quarterly and annual reports as filed with the Securities and Exchange Commission. The Company undertakes no obligation to revise or update publicly any forward-looking statements for any reason.
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SOURCE OriginClear, Inc.
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