Director of the London-based commercial think tank and venture firm Z/Yen, Michael Mainelli says that blockchain is energy hungry. But blockchain can be used nonetheless.
Blockchain may be especially relevant when it comes to the environment, because it lets people build decentralized databases. Blockchain’s can help in numerous environmental areas including forestry, energy, fisheries and water generally.
Blockchains are online databases that people trust because they are replicated in so many places. For instance they can make sure that sea food is fresh. A water-related usage.
And blockchain allows wood products to be tracked from beginning to end so that people can be assured that the wood is what it is said to be.
Benefits are obvious.
Blockchain allows records to be stated clearly and permanently, available to almost anyone who wants to see them. Blockchain over time will be applied to to numerous sustainability labels.
The energy sector is going to be aided by blockchain via smart contracts. It is decentralized for one thing. It also makes a contribution to the Internet of Things.
Demand and supply can be left to computers once blockchain is part of the mix. The meter uses blockchain to figure out suppliers and then finds the most appropriate one. It uses energy from that producer and records the consumption.
Blockchain can help with renewable energy. It allows peer to peer trading as regards electricity from water power, solar power, etc. generated via rooftop.
Such local usage does away with long-distance usage. It reduces energy storage since the blockchain can figure out where energy is being produced and where it is needed.
ElectriCChain makes use of these sorts of factors, say Androrra-based co-founder, François Sonnet.
The initial plan is to build a network of some 7 million solar installations worldwide and post the data to a blockchain for use by scientists and researchers in specialist areas such as meteorology and climate change with the ultimate goal of increasing the use of solar power.
So as we can see above, when it comes to energy specifically, and water specifically – there are all sorts of ways that blockchain can be applied.
Once the system is decentralized, there is little waste because the waste water systems are also decentralized. They don’t pollute the ocean or introduce fluoride etc. the way centralized systems do.
Self sufficient water systems – from wastewater – can provide fuel for methane bio-gas generators which will produce nutrient rich liquid plant food. The Chinese have been doing for over 500 years safely with clay pipes and bamboo.
This removes dangerous methane from the greenhouse gases. Methane is 22 times more destructive than carbon dioxide – yet the centralized building code does not allow this. It is illegal in the US.
Water encourages peer-to-peer usage, unlike many other environmental resources that are more rigidly controlled by large corporations.
And as blockchain becomes more ubiquitous it will remove middlemen when it comes to water usage. The ability to computerize water availability will make it available when and where it is needed without delay.
Water and the environment generally will be aided by blockchain in numerous ways over time. Blockchain will reduce centralization even as the largest corporations are trying to strengthen it. And thus the results are not so apparent as these large corporations would like.