The impacts of blockchain technology are undeniable, and has already started to have a huge effect on a plethora of industries. That said, a new use case for the blockchain shows that technology could have a far greater impact than supply chains, logistics and finance.
It could potentially solve one of the most urgent problems in the world: climate change.
During a special United Nations meeting in Geneva, Switzerland, Dr Philippa Ryan, a blockchain expert on the UTS law, explained to over 600 representatives from 160 countries how the technology behind Bitcoin could reduce the progression of climate change .
Blockchain can be the biggest enemy of climate change
Dr. Ryan presented his views on the impact of the blockchain on climate change during the week of the International Organization Standardization (ISO), where foreign dignitaries attended various presentations from various industry experts on how better incubate sustainability, green energy and how to best fight climate change.
Dr. Ryan's presentation focuses specifically on "Objective 13 – Climate Action", which focuses on how best to promote sustainability for nations that rely on traditional methods, which generate emissions and are key parts of the 39, infrastructure of the respective country.
Dr. Ryan explains that the adoption of green and sustainable electricity production is easier for developing countries, as they do not have to worry about revising their current systems, which would be inefficient and expensive.
"For example, stopping the way in Australia to produce electricity to reduce emissions is difficult because the industries, infrastructures, systems and incumbent processes contribute significantly to the economy," explained Dr. Ryan.
He says that the current goal should be to promote sustainability in developing nations that can be launched, where cities, communities and villages can use blockchain technology to manage their systems.
"Using solar panels, communities and villages can generate, store and use their energy and the whole system can be safely managed using blockchain technology."
Although at the beginning this may not have any impact on climate change caused by man, as these companies develop and become big producers, they will be fully sustainable and the impact on the climate will be considerable.
The key to using a fully sustainable platform that works cohesively and is easy to manage is the blockchain, explains Dr. Ryan.
"Without a central controller or system controller, everyone in the network community must be able to trust the registers that record the amount of energy generated, stored, purchased and sold internally and through the network. [blockchain] provides a transparent, verifiable and automated market exchange and compensation mechanism for the benefit of producers and consumers ".
The World Economic Forum recently published a report confirming Dr. Ryan's statements, explaining that blockchain and decentralized solutions can impact climate change, explaining that it is particularly useful in examples where it allows:
"… cleaner and more efficient decentralized systems, resource negotiation or peer-to-peer permits, supply chain transparency and management, new financing models for environmental performance, and non-financial value creation and natural capital."
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