By Dr. Anatoly Unitsky
Since its introduction to the world in 2008, blockchain technology has given rise to hundreds of cryptocurrencies, starting with the ever-popular Bitcoin. It didn’t take long for blockchain technology to become synonymous with cryptocurrencies, often even being used interchangeably in discussions. However, there are countless other applications of blockchain that apply to a series of different fields.
Transparency benefitting numerous sectors
Blockchain technology offers absolute transparency and fairness, and has transformed the way many industries conduct business. Some of the most prominent (non-crypto) applications of blockchain technology include the secure sharing of medical data, NFT marketplaces, supply chain and logistics monitoring, digital content management, real estate processing, and much more. Blockchain technology can also be of use for environmental projects, and can play a tremendous role in stopping or reversing climate change if adopted globally.
It must be noted however, that there are many claims that associate the energy consumption of blockchain/cryptocurrencies to CO2 emissions, which isn’t accurate. In this case, what matters is the type of energy source being used to generate electricity, as they are not homogenous from a carbon footprint perspective. In the case of Bitcoin, for instance, it seeks out otherwise-curtailed energy, like hydropower in Sichuan, which is ultimately green as the energy is not being lost or wasted. Blockchain technology can both indirectly, and directly help the environment.
Top ways blockchain can help the environment
Blockchain technology is one of many technologies, according to the UN Environment Programme, that has the potential to help solve some of the environmental problems that we face today. However, adopting the technology globally will require “overcoming current and future challenges, not only in developing blockchain technology, but also in establishing various mechanisms that enhance its understanding amongst policymakers, scientists and blockchain solution developers.” It is still possible to link blockchain technology with environmental initiatives, especially in areas that call for large amounts of data collection/verification, cross-border payments, and rewarding sustainable behaviors.
As stated by FutureThinkers, platforms such as Ethereum help facilitate the creation of decentralized apps that run on the blockchain and can have a positive impact on the environment. Some of these applications include the management of supply chains, recycling programs, energy systems, environmental treaties, environmental charities, carbon taxes, and more. Blockchain technology can also be used to help back green technologies, as seen in the case of the SWS token, an Ethereum-based token that helps make the SmartWorld program a reality. The SmartWorld program is a blockchain and crypto-enabled initiative. The program supports unique projects that are providing greener alternatives to major industries, such as transport, infrastructure, energy-efficiency, and fertile soil. This is all being done with the aim to solve the climate crisis and other related problems by reconnecting humankind with nature, with the help of innovative technologies focusing on eco-friendliness. The program gears towards resource savings, minimal land allocation, and nearly zero environmental pollution when it comes to transportation, energy, and city infrastructure.
The enhanced record-keeping, transparency, value transferring, and tokenized ecosystems that are brought on by blockchain technology help make it more possible to address a plethora of environmental issues including air pollution, ocean sustainability, and biodiversity conservation. This traces back to blockchain technology’s applicability in scaling up environmentally conscious blockchain-based solutions.
The world is facing an array of global challenges such as environmental, technological, logistic, and infrastructural problems, as well as the issues related to energy and information. Many of them can be eliminated with the help of initiatives such as the SmartWorld program, which will satisfy the desire of humanity to achieve creative potential, comfort, high mobility, and harmony with nature.
As stated frequently in recent years, modern problems do require modern solutions. As such, the future of the environment rests in the global adoption of blockchain technology.
About the Author: Dr. Anatoly Unitsky is a Belarusian engineer, inventor, and the Founder of SmartWorld Security Token
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.