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Blockchain Can Help Solve Environmental Issues: WEF Study

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The WEF (World Economic Forum) recently conducted new research that identified over 65 ways that blockchain technology can solve critical environmental problems.

Blockchain and the Environment

The WEF and PwC, the auditing behemoth jointly conducted the study. These organizations released the report during the Global Climate Action Summit last week.

The study explores new international platforms that can “incubate responsible blockchain ecosystems.”

The networks can help with decentralizing the management of natural resources such as energy and water. They can also assist in creating supply chains that will enable greater sustainability.

The networks will also help develop new funding mechanisms to raise the capital required to deliver “low-carbon and sustainable” economic growth.

Blockchain tech is already addressing the challenges regarding the sustainability of tuna stocks. In this case, the technology can help track fish from the point of origin to the high-street store.

Furthermore, blockchain can also help reduce greenhouse gas emissions and give a significant boost to solar power projects relying on distributed trading.

According to the release:

“Transparency is vital in influencing consumer decisions, updating supply chain practices and triggering new governance arrangements. Blockchain-enabled smart contracts could, for instance, be used to underpin innovative tenure arrangements that give specific resource rights to communities or fishers.”

This technology can address the challenges in six major areas: climate change, oceans, biodiversity and conservation, water security, weather, air pollution, and disaster resilience.

Blockchain Opportunities Ignored

The report argues that investors, developers, and governments are ignoring many promising opportunities. This refers to the chance to “unlock and monetize value that is currently embedded in environmental systems.”

Celine Herweijer, a partner at PwC UK, was of the opinion:

“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 decentralised energy, water and mobility systems.”

The report believes that the blockchain has the power to help catalyze a transition to much cleaner and resource-friendlier solutions. It can “unlock natural capital and empower communities.”

 

 

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