Organizations and governments across the country are focused on employing different technologies to reduce biodiversity loss and climate change challenges. Does blockchain technology have the potential to handle global warming catastrophes?
From a technical viewpoint, blockchain is a digitally distributed decentralized public ledger. It helps to keep track of and verify every peer-to-peer transaction. Cryptocurrencies like Bitcoin, Ethereum, Tether, Altcoin, Litecoin, etc. use blockchain technology. Crypto trading is volatile, but investors are prepared to take a risk. It is a paperless monetary exchange method and occurs online. So, you need a wallet [a software or program] to perform transactions – for example, the USDT wallet got from Zengo X allows you to buy, sell, trade, and store stablecoin Tether.
Environmental researchers are finding blockchain to be useful in resolving climate crises ranging from keeping track of product sustainability and pollution monitoring.
Investments involving massive sustainable international development projects are getting highly complicated. It causes backlogs and delays. Nevertheless, blockchain-enabled platforms and processes are capable to handle transactions extremely efficiently.
Examples of how blockchain technology has helped in renewable energy products
According to the UNEP report, blockchain technology offers the purchasers, investors, and renewable energy project creators to work in partnership on established global standards for compliance.
For example, the energy cost of several South African companies have decreased by 30%. It is because a renewable energy startup company allows online solar purchase and even rent them to African schools, hospitals, and businesses. It removes the intermediaries between beneficiaries and investors. BTC blockchain is used to make cross-border payments.
In India, an Australian tech company started a pilot project. Homeowners in Uttar Pradesh with rooftop solar panels could sell power via the grid to others. Transactions were conducted over blockchain but helped to enhance renewable energy deployment.
Opportunities
Supply chain practices can be made sustainable and eco-friendly with blockchain technology applications. Technology can make supply chains transparent by keeping track of products from the manufacturer to prevent inefficiencies and waste. Consumers can know how products are manufactured and shipped. They can make healthy and eco-friendly choices.
Software program based on blockchain helps to monitor food from its initial source to the shelf. It eliminates food waste because of improper storage handling.
Recycling also needs environmental sustainability, which blockchain technology can help. Organizations can offer financial incentives in the form of cryptographic coins or tokens in exchange for recyclable deposits [bottles, plastic cans, containers, etc.]. The blockchain based recycling program can keep track of essential data like volume, cost, and profit. This will allow us to assess the environmental impact on program participants.
Recycling programs based on blockchain are already working. For example, cloud technology is used to create an app that can monetize ocean plastic. People are receiving a cryptographic token in exchange for plastic exchange. Some blockchain-based app offers an incentive for recycling steel, aluminum, and plastic cans.
Drawbacks of blockchain and sustainability
For cryptocurrency mining, there is a lot of computing and electrical power needed. In a country where energy is expensive bitcoin technology is impossible. There is no regulatory framework, so policymakers need to take steps in this digital technology for reducing environmental risk.
USD Coin or USDC is a stablecoin tethered with the US dollar. It operates within US regulated framework. You can get the USDC wallet from the ZenGo app, download it!