Blockchain can help solve the environmental issue, says the WEF study


New research from the World Economic Forum (WEF) has identified over 65 ways in which blockchain technology can be used to address some of the most urgent environmental challenges the planet faces.

The in-depth study, conducted in collaboration with the PwC audit giant and published at the Global Climate Action Summit last week, examines how new international platforms could "incubate responsible blockchain ecosystems," according to a press release.

Such networks could range from decentralizing the management of natural resources such as energy and water, to creating supply chains that help promote greater sustainability. They could also provide new funding mechanisms to increase the large sums of money that are expected to be needed to achieve "low carbon and sustainable" economic growth.

As CoinDesk reported, blockchain projects are already addressing issues such as the sustainability of tuna stocks by tracking fish from origin to the store, or exploring ways to reduce greenhouse gas emissions and boosting projects. of solar energy through distributed trade.

"Transparency is key to influencing consumer decisions, updating supply chain practices and triggering new governance arrangements. For example, smart blockchain-based contracts could be used to support innovative ownership agreements that confer specific rights. to communities or fishermen "

Research analyzes areas where blockchain technology could have a positive impact in six sections: climate change, biodiversity and conservation, oceans, water security, clean air, weather resistance and disasters – each subdivided into more precise areas

The report argues that such opportunities are largely ignored by developers, investors and governments, yet they represent an opportunity to "unlock and monetize the value that is currently embedded in environmental systems".

While the use of blockchain cases of financial disruption were largely at the center of businesses and investors, Celine Herweijer, apnerner at PwC UK, said:

"C & # 39; it is an opportunity for new ideas to exploit this nascent technology to help make big gains for our environment, from transparent and reliable, clean and ethical supply chains, to sustainable consumption and production incentives or to the necessary transition towards decentralized low-carbon energy, water and mobility systems. "

Blockchain has the potential, suggests the report, to help achieve a transition towards cleaner and more resource-friendly solutions, as well as to" unlock the capital " natural and empower communities. "

Image of deforestation through Shutterstock

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