Blockchain technology has triggered a new round of technological innovation and industrial change. Promoting the deep integration of blockchain technology and smart water conservancy has become an essential part of the digital transformation of the Chinese smart water conservancy industry. On the basis of the analysis of the framework of the smart water conservancy system and the technology infrastructure model of the blockchain, a conceptual model of a smart water conservancy information sharing platform is established. The platform has four-in-one and multicentralized participants including government departments, water conservancy enterprises, the public, and third-party maintenance, and the design of “alliance chain + private chain” dual chain smart contract. Moreover, the multidimensional scenarios of smart water conservancy innovation applications incorporating blockchain platform technology are addressed. Then, the water rights trading market is taken as an example to propose an innovative development path with consensus mechanisms, smart contracts, asymmetric encryption, and information source tracing. Although there may be some questions and challenges related to smart water conservancy and blockchain technology, this paper can provide a reference for the sustainable development of the smart water conservancy industry due to its fundamental societal contributions.