The Water Company on August 17, 2021, announced filing ‘System And Method For Water Treatment Incentive”. This patent application uses Non-fungible tokens and blockchain technology, for simplifying payment distribution on outsourced water treatment as well as purification services, which would be billed on a pay-per-gallon basis.
Riggs Eckelberry, OriginClear (OTCMKTS:OCLN) CEO, said that the company has learned that transaction involving several parties in water treatment leads to human error and cumbersome processes. Eckelberry believes the usage of blockchain and NFT can remove such issues and facilitate enabling an outsourced water treatment marketplace.
OriginClear has commenced the development process of using NFT as well as blockchain for resolving payment issues.
OriginClear CEO said that water could be a risky domain and outsourcing ‘Water On Demand’ can ensure that companies need not worry about problems, managing or financing of things.
OriginClear issued and sold an accredited investor about 25 shares for fresh Series X Preferred Stock and about 1,798,562 shares of common stock, for purchase of $250,000, pursuant to a subscription agreement between the investor and the firm.
The firm relied on the exemption from registration provided under Section 4(a)(2) under the Securities Act of 1933, as amended for transactions not involving a public offering.
The holders of the company’s series K Preferred Stock exchanged about 283 shares of Series K Preferred Stock for Series W Preferred Stock.