Blockchain and Distributed Ledger Technologies: An Unconventional Solution to Climate Change
The global population is presently grappling with a climate-crisis, looking for innovative solutions and unconventional strategies to combat the escalating concern. Below the radar of our traditional responses, Blockchain technology and Distributed Ledger Technologies (DLTs) are quietly revolutionizing our combat strategies, promising the advent of an unexpected yet powerful ally: the digital world. Through fostering sustainability, tracking carbon emissions, green energy trading, and monitoring Sustainable Development Goals (SDGs), Blockchain and DLTs can steer us towards a greener tomorrow.
Embracing Sustainability: The Core of Carbon Tracking
One of the key functionalities provided by these technologies is the meticulous tracking of carbon emissions. Presently, the disclosure of carbon emissions by corporations is often dishonest, lacking the transparency and accuracy required. Blockchain technology, on the other hand, allows for a transparent, incorruptible and meticulous record of carbon emissions which is open to public scrutiny.
For instance, IBM and Energy Blockchain Lab are collaborating to create a Blockchain platform for trading carbon assets in China. By capturing and converting CO2 emissions into digital assets, this platform ensures both greater transparency and efficiency.
Green energy trading: Empowering Energy Prosumers
Blockchain also facilitates novel models of energy production and distribution, allowing households to become ‘prosumers’ – producing their own green energy and trading the surplus. With Blockchain, energy generation data can be recorded in real time, enabling a transparent, efficient, and user-friendly trading platform.
LO3 Energy, a New-York based startup, uses Blockchain to facilitate peer-to-peer transactions of renewable energy in their Brooklyn Microgrid project. This places the power of energy distribution back into the hands of communities, encouraging global adoption of renewable energy.
Monitoring Sustainable Development Goals (SDGs)
Blockchain can also play an instrumental role in achieving the United Nations Development Program’s 17 SDGs. This is possible due to the transparent, secure nature of the Distributed Ledger Technologies, making them perfect for creating accountability and tracking progress towards sustainability.
A relevant example is the World Food Programme’s Building Blocks project which employs Blockchain to provide food assistance in a secure, efficient manner eliminating the chances of fraud or corruption.
A Global Call To Digital Arms
Though still in its infancy, the adoption of Blockchain and DLTs to tackle climate change should not be underestimated. These technologies present a unique convergence of transparency, security, and democratization, which could reshape our battle against environmental degradation.
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