Blockchain technology may be exactly what we need to save the world. It has the potential to save the environment that humans have spent hundreds of years destroying. New developments in research have shown that blockchains can help us successfully combat climate change.
What is Blockchain Technology?
Over the recent years, blockchain technology has helped us gather the resources, data, and strength to solve some of the world’s worst problems. It has the ability to get food to the hungry, data from new aged vehicles, and protection to the exploited. But what is blockchain technology?
Investopedia explains that a blockchain is a collection of all Bitcoin transactions that have ever occurred. It is always growing “as ‘completed’ blocks are added to it with a new set of recordings”. The blocks add on to each other linearly and chronologically. The entire chain has all of the information of addresses and balances from the beginning to the end of the chain.
How Can Blockchains Help the Environment?
Because climate change is an international issue, blockchains can become extremely useful in solving the problem. There are hundreds upon thousands of languages and laws around the world, and blockchains cut out the middleman. With nothing in their way, people can foster interpersonal relationships without any bureaucracy involved. This makes it much easier to solve a global crisis, like global warming. It gives the power to the people, making it bottom-up rather than top-down when it comes to solving issues.
What Exactly Can Blockchains Do?
Using blockchains is a way to do complex business, simply. You trade money for bitcoins and bitcoins for goods and services. Now, innovators are seeing blockchains as an opportunity to reduce the effects of global warming all across the world. All you have to do is replace “goods and services” with things such as, carbon emissions, renewable energy, and sustainable materials.
By using blockchains to trade carbon emissions, you now have a global carbon trade and a worldwide reduction of pollution. For countries that produce surplus renewable energy, they can use the blockchain to deliver the kWh to other countries that are in need of it. The same concept goes for sustainable materials.
Blockchains can help spread a renewable, clean future much faster than we could have ever thought it would spread. The global Bitcoin trade is no longer just a concept. It is already in practice in hundreds of countries, if not all. By putting sustainable initiatives in the mix of the blockchain system, we could revolutionize clean energy and renewability quicker, and more than ever before.