Blockchain Technology for Environmental Sustainability

by Blockchain council Blockchain certifications

Introduction

Even though many states have been marked as no plastic states, the usage of plastic bags is skyrocketing. Without adequate environment policy and innovative technologies, it is impossible to save our environment. Emerging technologies such as blockchain can be leveraged to bring a revolutionary transformation, making the world a better place to live for one and all.

Before we explore the impacts of blockchain on the environment, let’s define this technology.

Blockchain is a chain of blocks where digital information is stored in the public database, known as ‘chain’. It can also be defined as a distributed ledger technology that follows a decentralized approach, meaning there is no central authority to govern.

Can Blockchain Make Environment Sustainable?

Blockchain can offer a provable record of who exchanges what and with whom, this is one of the fundamental factors that make the entire ecosystem environment-friendly. Presently, many top companies are trying to solve environmental degradation issues by using blockchain as a medium.

For example, PlasticBank is encouraging plastic removal and recycling through cryptocurrency and blockchain systems. Similarly, WePower focuses on improving visibility on energy usage for conservation through blockchain. Thus we can say that technology has its own remarkable way of saving the ecosystem.

Top Use cases of Blockchain in Environment Sustainability

Blockchain can address environmental challenges in various ways. Let’s discuss its top use cases.

Recycling Rewards Via Cryptocurrencies

As the earth’s water bodies are severely contaminated, various projects are introduced to give tangible value through cryptocurrencies to participants. Cryptocurrencies are offered to those who recycle. Such programs are beneficial, most in developing countries, to provide a sound incentive to recycle waste through a reliable and easily accessible means of income.

Tracking Waste Disposal Habits

As motivating better habits through the issuance of cryptocurrencies has proven to be an efficient method for creating more responsible behaviors, Blockchain ledgers can also establish a framework that can track individual’s and businesses’ waste disposal habits. Additionally, it can also advise identifying where more improvements are needed.

Environmental Treaty Enforcement

As the current world is in semi-chaos on how to sustain our ecosystem, the technology can be seen as a technique to log treaty progress concerning participating nations on an immutable, interoperable ledger to grant wider oversight. United Nations are handling numerous blockchain funded projects to enhance adherence to potential smart contracts.

Real-time Transparent Reporting

Blockchain is a distributed ledger technology that aims to achieve transparency. Thus, technology can provide transparency to donors, hence reducing the risks of fake charities. With blockchain, donors can precisely see where their funds are landing.

One such example is, GiveTrack which offers real-time financial transparency and global impact powered by blockchain.

The Verdict

For blockchain to be sustainable, it has to go through numerous technical and political challenges. The major problem that continues is to unlock its potential that ensures inclusion, security, interoperability, and scalability. To what extent the technology will attain success entirely depends on the level of development and its adoption.

To get instant updates about Blockchain Technology and to learn more about online blockchain certifications and become a blockchain expert, check out Blockchain Council.

 

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Created on May 25th 2020 01:26. Viewed 328 times.

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