Such networks could range from decentralizing management of natural resources like energy and water, to creating supply chains that help promote greater sustainability. They could also provide new funding mechanisms for raising the vast sums of money expected to be required to deliver “low-carbon and sustainable”.
As CoinDesk has reported, blockchain projects are already addressing issues such as the sustainability of tuna stocks by tracking fish from origin to the high-street store, or exploring ways to reduce greenhouse gas emissions and boosting solar power projects via distributed trading.
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The research breaks down the areas that blockchain tech could positively impact into six sections: climate change, biodiversity and conservation, oceans, water security, clean air, weather and disaster resilience — each subdivided into more precise areas that could be targeted.
While blockchain use cases in disrupting finance have largely been the focus of enterprises and investors, Celine Herweijer, a partner at PwC UK, said:
“There is an opportunity for fresh ideas to harness this nascent technology to help deliver big gains for our environment. From transparent and trusted clean and ethical supply chains, to incentivising sustainable consumption and production, or underpinning the much needed transition to low carbon decentralized energy, water and mobility systems. ”
According to the report of the World Economic Forum (WEF), blockchain can be used to solve the “most urgent” environmental problems that the planet faces. The document says that a distributed accounting system can help address climate change, biodiversity and water scarcity.
Can Blockchain Save the World?
The World Economic Forum (WEF) has prepared a report on how blockchain can be used to protect the planet’s environment.
The building block (chain) for a better planet is part of a series of articles on the effects of new technologies and how they impact global society. Other reports in the collection are devoted to Internet of Things (IoT), virtual reality and artificial intelligence. The document is a collaboration between the international accounting firm PwC and the American Stanford Forest Institute for the Environment.
The report indicates that the planet is in the midst of “unprecedented changes in ecological systems.” This was caused by the rapid growth of economic activity since the mid-twentieth century.
WEF argues that such conditions provide a clear opportunity to use blockchain and other technological innovations to deal with six of the most pressing environmental dangers associated with life on Earth. These are: climate change, natural disasters, biodiversity loss, ocean degradation, air pollution and water scarcity.
The report also says that the opportunities provided by blockchain technology can allow the monetization of value, which is “currently implemented (but not implemented) in ecological systems”. The authors further argue that technology can fill such a “market gap”.
The WEF is closely monitoring to ensure that such changes do not occur on their own. Rather, they should be implemented through collaboration between different actors. These include politicians and technologists. The Group believes that such joint efforts, with the assistance of advanced technologies, can “create a revolution in the field of sustainable development”.
WEF is a nonprofit organization based in Switzerland. The analytical center seeks to bring together “leading political, business and other leaders of society to form global, regional and sectoral programs.” They include more than 2,000 enterprises and political leaders. Many meet every January in Davos, Switzerland. This year, events, blockchains and cryptocurrencies were one of the most heatedly discussed topics.