Climate change, melting ice caps, global warming, going green! Everything has become synonymous with environmental sustainability today. The world’s global ecological challenge has been a subject of debate for a long time.
As per recent reports by the World Meteorological Organization and United Nations Environmental Program, temperatures have risen due to carbon pollution, which is a direct result of human activities. In fact, since 1850, the Earth’s surface has been growing warmer and warmer.
While the planet earth has been suffering at the hands of humans, it is also becoming a better place to live in with the emergence of new technologies like Blockchain. However, the primary question of using Blockchain for environmental sustainability has remained a big question mark.
According to Statista, the global amount of investment required between 2000 and 2050, for gaining sustainability in areas of energy, food security, and agriculture is a whopping $2.17 trillion per year.
Moreover, leading experts believe that there is scope for international collaborations on CO2 emission reductions. Not to mention that such experts have thought of coming up with a system having a double-entry bookkeeping mechanism for tracking the outcomes of emission reduction. Well, such a mechanism can be achieved with the latest blockchain technology! Ask how?
Numerous reports suggest that Blockchain could assist in promoting environmental sustainability in many ways. This includes but is not limited to the following:
- Sustainability monitoring
- Reporting and verification purposes
- Automatic disaster preparedness
- Humanitarian relief
- Earth-management geospatial platforms
Times have changed. We have transcended from the time of “Meh! Blockchain” to “Woah! Blockchain!” So, here is a comprehensive list of the various ways blockchain technology can revolutionize our planet and help us walk on the path of environmental sustainability.
Automatic disaster preparedness
Disaster management can be a risky business. However, with Blockchain, disaster preparedness can be an easy-peasy task. Blockchain can help in improving the efficiency, effectiveness, and trust of resources during disasters. The most important aspect of a decentralized system is that sharing of information and automated transactions can be done in a jiffy with smart contracts. Primarily during situations of individual relief activities and the aftermath of disasters, Blockchain can be a blessing in disguise.
Geospatial platforms will monitor Earth
Earth-management platforms built on Blockchain can protect the global environment, including land on life and ocean health. It can monitor, manage, and enable mechanisms that can promote environmental conservation. However, geospatial blockchain-enabled platforms are in the process of development, and they will prove to be a huge asset to planet Earth if they can be successfully built.
Supply chains are see-through
A friend in need is a friend indeed. The same norm goes for Blockchain technology and supply chains. While Blockchain can build a cocoon of protection and undeniable transparency in supply chains, it can also record all sorts of transactional data through the chain. No doubt, more consumers will be willing to buy products from an audited supply chain that shows evidence of eco-friendly agriculture, low energy cost transportation, and fair trade agreements.
With a complete record having full traceability of products from the origin to the destination, Blockchain creates an opportunity for optimization of supply-and-demand management. This, in turn, will develop resilience, improve consumer choice, and promote more sustainable production of goods.
Developing new sources of sustainable finance
Guess what? All finance platforms enabled by Blockchain have immense potential to create opportunities for new investors in projects addressing environmental issues. Be it green infrastructure projects or charity for developing countries, Blockchain can generate a system where stakeholders will have more value than shareholders. Moreover, the new blockchain era will help in raising huge amounts of dollars for transforming our planet Earth into communities following low-carbon emissions and environmental sustainability.
Resource management becomes seamless
From decision-making processes to system design and management of resources, it is a known fact that there is a lot of asymmetry of information between stakeholders. This includes peer-to-peer transactions and balancing of the demand-supply cycle. If you ask about a way to fix such issues, a decentralized utility system is the ideal problem-solver. With the support of Blockchain, it is possible to replace the existing chaotic system with a more informed and decentralized way of handling things.
Realizing the true potential of circular economies
Ever heard of circular economies? For starters, in a circular economy, resources are recovered and regenerated even after extracting the maximum value from them. The financial value of things that are currently wasted or treated as economically invaluable can be realized with blockchain technology. Blockchain can transform the way such materials and natural resources are valued and traded. In other words, Blockchain can help everyone realize the immense potential of a truly circular economy.
Reduction in environmental damage
Distributed ledger technology will cause a significant reduction in corruption in the existing governments and finance & energy industries across various countries. This is because most of the environmental degradation is happening due to the unnecessary intervention by these three parties. All they want is to generate profits with no care for society or ecology.
There is a famous quote- “The best way to predict the future is to create it.” So, why not start with a blockchain era right away? If appropriately utilized, blockchain technology can create an enormous number of environmental benefits.
Well, if you have read till here, I assume you are an aspiring entrepreneur or startup enthusiast. If you are one and wish to develop a blockchain-enabled platform for making this world a better place to live in, you can always rely on us. From Dapps to smart contracts and exchanges, we are emerging blockchain facilitators with a keen eye for environmental sustainability. Drop a line if you are still curious!