Blockchain Can Solve Environmental Problems

A new study by the World Economic Forum (WEF) showed that more than 65 of the blockchain technology can be used to solve some of the most pressing environmental challenges that the earth is facing. The insight into collaboration with auditing giant PwC and released at the Global Climate Action Summit last week explored how the new international platform will incubate a responsible blockchain ecosystem. The network can range from the decentralized management of natural resources such as energy and water to the creation of supply chains that contribute to greater sustainability.

According to the report, WEF, in collaboration with auditing giant PwC and at the Global Climate Action Summit last week, explored how the new international platform will develop responsible blockchain ecosystem.

The network can range from the decentralized management of natural resources such as energy and water to the creation of supply chains that contribute to greater sustainability. The study adds that the blockchain can also provide new financing mechanisms to raise the huge amounts of money needed to achieve low carbon and sustainable economic growth, including ripple blockchain and xem nem blockchain.

CoinDesk has reported that blockchain projects have addressed the sustainability of tuna stocks by tracking fish from origin to stores, or exploring ways to reduce greenhouse gas emissions and promote solar power projects through distributed trading, alike the crypto exchange trading, such as bitcoin trading and ethereum trading. The study showed that transparency is critical to influencing consumer decisions, updating supply chain practices, and triggering new governance arrangements. For example, smart contracts that support blockchains can be used to support innovative tenure arrangements that provide specific resource rights to communities or fishermen. The study divides the areas that blockchain technology can positively impact into six components: climate change, biodiversity and ecological protection, oceans, water security, clean air, weather and disaster recovery, each of which can be further subdivided into more precise area.

The report argued that developers, investors and governments have largely ignored the opportunities, but it also represents an opportunity to unlock the value of the current embedded environment system and profit from it.

Although the cases of blockchain applications have attracted the attention of companies and investors in subverting the financial system, PwC UK partner, Celine Herweijer claimed taht the new ideas have the opportunity to apply the emerging technology to benefit our environment. From a transparent and trusted clean and ethical supply chain to stimulating sustainable consumption and production, or supporting the urgent need to transition to low-carbon decentralized energy, water and mobile systems.

The report showed that blockchain has the potential to help transition to cleaner, more resource-friendly solutions, as well as unlocking natural capital and empowering communities.