Block chain Technology could combat climate change more effectively
Block chain technology has the potential to disrupt any industry and it's application is beyond Financial technology which was the earliest applicable sector to the block chain network.
Recently, this technology has seen great applications in agriculture, health, governance alongside other sectors.
A Block chain is a distributed data that is continuously updated and verified by it's users. This technology enables the transfer of assets and the recording of transactions through a secure database.
Block chain prevents monopolistic control over the system. The technology also records transactions openly and permanently thus, fostering transparency.
Climate change is a global issue which needs no further introduction sequel to it's long time devastating effects on planet Earth. A huge problem in tackling climate change entails navigating the web of different languages and regulations between countries on imposed strategies or lifestyle towards adapting or mitigating climate change. Block chain provides a solution by cutting out middlemen and bureaucracy thus, providing an easier platform for individuals to have interpersonal relationships that can be the beginning of innovative solution sharing.
Blochkchain technology has the potentials to revolutionize virtually all industries it is applied to. One of the most exciting and innovative applications of climate change is in combating climate change.
Fortunately, Block chain will allow government and stakeholders to bring back power to the users and create a decentralized society.
Issues such as; voting fraud, poverty, climate change, refugee crisis and censorship can be effectively dealt with via block chain.
“As countries, regions, cities and businesses work to rapidly implement the Paris Climate Change Agreement, they need to make use of all innovative and cutting-edge technologies available. Blockchain could contribute to greater stakeholder involvement, transparency and engagement and help bring trust and further innovative solutions in the fight against climate change, leading to enhanced climate actions,” said Alexandre Gellert Paris, Associate Programme Officer at the UNFCCC.
Traditionallly, energy production and distribution have been very centralized. Large corporations invest billions of dollars in energy creation from either fossil fuels or renewable energy sources. The distribution of such is basically centralized. These companies move energy around the globe and determine the pricing for it. Yet, power from these companies in developing economies is in intermittent supply; if the OPEC decides whether to reduce or increase oil production, it has an impact on everyone. However, energy production is moving away from a centralised approach to a decentralised approach, thanks to new startups and new technological breakthroughs, such as the solar energy roof tiles from Elon Musk or the advancement of smart grids.
Clean energy tech offers a lot more opportunities in dealing with global issues like climate change; and it appears that Block chain could create new ways of dealing with carbon emissions, smart grid management, energy data analysis and pricing.
Blockchain enables custom, decentralised value flows and that will benefit each of these energy related aspects.
Currently, IBM and Chinese Energy Blockchain Labs are working together to develop a blockchain marketplace for trading carbon assets.
The objective is geared at making more efficient carbon assets and reduction of carbon emissions.
Furthermore, recording carbon assets on a public blockchain will offer transparency and will ensure that transactions are valid and settled in minutes.
The energy sector has tremendous opportunities to be changed and improved using Blockchain technology. Clean energy tech startups are developing new solutions and applications that focus on renewable energy, reducing carbon emissions and developing smart grids that will optimise energy consumption. As such, Blockchain has a significant chance to help combat climate change as it enables the creation, usage and exchange of renewable decentralised energy in a trustworthy and reliable manner, which will make renewable energy a lot more attractive to consumers, organisations and societies.
BLOCKCHAIN TECHNOLOGY COULD BE USED FOR CLIMATE ACTION IN THE FOLLOWING WAYS
Blockchain technology could help develop crowdfunding and peer-to-peer financial transactions in support of climate action, while ensuring that financing is allocated to projects in a transparent way.
The technology could provide more transparency regarding GHG emissions and make it easier to track and report emission reductions, thereby addressing possible double counting issues.
A recycling program on the blockchain could encourage participation by giving a financial reward in the form of a cryptographic token in exchange for depositing recyclables like plastic containers, cans, or bottles.
The need to fight climate change is becoming ever pressing and strategic techniques should be effectively utilized in a good time too.
Therefore, we should use any means we can to make positive changes towards tackling emissions, whether it be blockchain, radical new ways of producing energy, or using new technology to clean our air.
We've got to protect our planet for future generations.
Honestly I think that's a step too far. Decentralizing energy production is an interesting subject and has all kind of relevant ramifications such as domestic production with roof solar panels, garden wind turbines, etc.
But claiming that the blockchain technology somehow helps decentralize energy production is a bit far fetched in my opinion.
There is a craze going on at the moment that somehow blockchain technology is a panacea for everything but people need a reality check.
Yes, it is...Blockchain's potential is huge
Apparently, you seeing it in terms of financial sector only
How about a system where Farmers get fertilizers directly from fertilizer companies with a ledger and decentralized system without a third party like government.
I tell who what...Blockchain has the potential of disrupting all sectors