A system and method for generating ozone for use in open or closed loop process applications using a fluid, such as water, as a primary process medium, including: a water storage tank, supplied by a water supply line, for temporarily storing water for treatment and subsequent use in a process; an electromagnetic flux unit connected to the water supply line for exposing water supplied to the tank to an electromagnetic field thereby magnetically polarizing contaminants and dissolved solids present in the water; an apparatus for producing highly pure oxygen from ambient air for use as a feed gas in generating ozone; a corona discharge ozone generator for producing high purity ozone from a highly pure oxygen feed gas; an impeller apparatus, including a rapidly rotating shear impeller, for injecting ozone, created by the ozone generator, into water wherein the ozone is absorbed thus yielding a substantially high level of dissolved ozone gas in a given volume of water; an apparatus for measuring the concentration of dissolved ozone present in water; and a microprocessor based controller for controlling the system to reach and maintain suitable ozone concentration levels, depending on the application, whereby the ozonated water is suitable for use in a wide variety of process applications.